Warrant Denied for Former Tmon CEO Who Took Bribes Related to 'Terra'
[Asia Economy Reporter Hwang Seoyul] The arrest warrant for the former CEO of the e-commerce company 'Timon,' who is accused of receiving bribes and pocketing kickbacks during the process of introducing the cryptocurrency Terra as a simple payment method, was dismissed.
On the 18th, Kwon Giman, the judge in charge of warrants at the Seoul Southern District Court, conducted a pre-arrest detention hearing (warrant substantive examination) at 10:30 a.m. the previous day and dismissed the arrest warrants for Yoo Mo (38), the former CEO of the e-commerce company 'Timon' accused of breach of trust, and Ha Mo, a financial sector lobbyist related to Terra who was indicted for bribery mediation.
The court ruled regarding Yoo that "there is room to dispute the facts of the crime itself, so it is necessary for him to exercise his right to defense while not in detention, and it is difficult to see any concern about evidence destruction or flight risk." Regarding Ha, the court stated, "Although there is considerable reason to suspect the commission of the crime, considering the evidence already collected and his attitude during the investigation and hearing, it is difficult to see any concern about evidence destruction or flight risk."
Yoo is accused of receiving an illicit request from Shin Hyunseong, co-founder of Terraform Labs and chairman of Timon's board of directors as well as general CEO of Chai Corporation, who was the first in the industry to ask Timon to introduce and promote 'Terra' as a simple payment method, and pocketing 'Luna' coins as kickbacks. Yoo is reported to have cashed this out into tens of billions of won.
Ha is accused of lobbying to connect former CEO Shin with the financial sector regarding Terra.
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On the 15th, when the prosecution requested the arrest warrant, former CEO Shin's lawyer stated, "There is no fact that former CEO Shin made any illegal or improper requests regarding the defendants' work," and added, "The advisory fees paid were Luna coins worth about 100 to 200 million won annually at the time, and it is common in the startup industry to pay company-related stocks or coins as advisory fees."
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