Prosecutors Investigate Ssangbangwool Group Employee Involved in North Korea Remittances from China
[Asia Economy Reporter Kim Hyung-min] The prosecution investigating Ssangbangwool Group's alleged remittance to North Korea summoned and questioned a Ssangbangwool employee involved in the remittance.
According to the legal community on the 25th, the Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) recently arrested A, an employee of Ssangbangwool's Chinese corporation factory, on charges including violation of the Foreign Exchange Transactions Act, and questioned him about the details and amount of the remittance to North Korea.
A is suspected of conspiring in January 2019 when Ssangbangwool Vice Chairman Bang delivered 1.5 million dollars to North Korean officials in China. He was reportedly with Vice Chairman Bang at the time and admitted to some related charges.
The prosecution requested an arrest warrant for A, but the court dismissed it, stating there was "little risk of flight."
The allegations of Ssangbangwool's remittance to North Korea involve the claim that Ssangbangwool delivered 6.4 million dollars (approximately 7.2 billion KRW at the exchange rate at the time) to the North in exchange for North-South economic cooperation business rights. The prosecution believes that dozens of executives and employees of affiliated companies were mobilized to smuggle large amounts of dollars out of the country by hiding them in their belongings when departing for China. Additionally, the prosecution plans to indict Ahn, chairman of the Asia-Pacific Peace Exchange Association (hereinafter referred to as APPEA), who is involved in the remittance allegations, as early as the 28th.
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Chairman Ahn is suspected of being involved in Ssangbangwool's dollar smuggling process and embezzling more than 800 million KRW in subsidies received from Gyeonggi Province under the pretext of projects such as flour for North Korean children's meals and sapling support for fine dust reduction from 2018 to 2019, using the funds for personal purposes.
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