PHC CEO of COVID-19 Test Kit Company Arrested on Stock Manipulation Charges

[Asia Economy Reporter Hwang Seoyul] The CEO of PHC, a COVID-19 diagnostic kit company accused of stock manipulation, has been arrested.

On the 28th, Hong Jangpyo, the chief judge in charge of warrants at the Seoul Southern District Court, held a warrant hearing in the morning for PHC CEO Choi, who is accused of violating the Capital Markets Act, and issued an arrest warrant. The court judged that there was a concern of evidence tampering.

The arrest warrant for a related person, Yeo, who was also questioned, was dismissed.

The court judged that regarding Yeo, △ most objective facts seem to have been clarified △ the suspect generally admitted the charges △ there is a possibility that the involvement and execution of the crime were incidental, and considering these comprehensively, it is difficult to see the necessity and substantiality of detaining the suspect.

CEO Choi and others are accused of manipulating stock prices in August 2020 by spreading false information that PHC’s affiliate, Philosis, had received approval from the U.S. Food and Drug Administration (FDA) for its COVID-19 diagnostic kits.

This content was produced with the assistance of AI translation services.