Prosecutors Request Arrest Warrant for Kim Yong-bin, Chairman of Daewoo Shipbuilding & Marine Engineering Construction

The prosecution has requested an arrest warrant for Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction, who is suspected of embezzlement and breach of trust.

On the 24th, the Joint Investigation Team for Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (led by Dan Seong-han) announced that it had requested arrest warrants for Chairman Kim and three executives of Daewoo Shipbuilding & Marine Engineering Construction on charges including violation of the Capital Markets Act and embezzlement and breach of trust.

Chairman Kim is accused of repaying borrowed funds by withdrawing money after subscribing to a paid-in capital increase during the capital increase process of Korea Corporation, a call center operation agency, in 2018. Kim is known to be the actual owner of Korea Corporation.

He is also suspected of obtaining undisclosed important information just before the suspension of Korea Corporation's stock trading in March 2020 and disposing of held shares to avoid losses.

The prosecution is also investigating allegations that Chairman Kim embezzled about 100 million won of company funds by using the corporate card for personal purposes.

Earlier, on the 10th of last month, the prosecution conducted a search and seizure at the headquarters of Daewoo Shipbuilding & Marine Engineering Construction in connection with this case.

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