Prosecutors to Indict Kim Yong-bin, Chairman of Daewoo Shipbuilding & Marine Engineering Construction, for Embezzlement and Breach of Trust

The Seoul Southern District Prosecutors' Office Joint Investigation Team for Financial and Securities Crimes (Head Dan Seong-han) plans to arrest and indict Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction, on the 14th on charges of violating the Capital Markets Act and embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

[Image source=Yonhap News]

Chairman Kim is accused of paying the capital increase funds with money borrowed during the paid-in capital increase process of Korea Corporation, a call center operation agency, in 2018, and after the capital increase was completed, withdrawing the funds to repay the loan. Kim is known to have been the actual owner of Korea Corporation at the time.

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

The prosecution also believes that Chairman Kim embezzled funds by using the corporate card for personal purposes.

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