Prosecutors Freeze Additional 700 Million Won of Ra Deok-yeon's Group Assets... Total 22.1 Billion Won Seized

The prosecution investigating the 'SG Securities-led stock price crash incident' has additionally frozen assets worth 700 million KRW belonging to Ra Deok-yeon, CEO of Hoan (42), who is accused of stock price manipulation, bringing the total amount of assets preserved to approximately 22.1 billion KRW.

[Image source=Yonhap News]

According to the legal community on the 12th, the joint investigation team composed of the Seoul Southern District Prosecutors' Office, the Financial Services Commission, and the Financial Supervisory Service filed an additional petition to preserve assets worth 700 million KRW belonging to CEO Ra and his associates, which was approved last month.

The assets preserved this time include an apartment, land, bank deposits, and stocks owned by the main hospital director (50), who recruited physician investors, as well as a BMW vehicle owned by Mr. Jo (42), who was in charge of customer management, and a Mercedes-Benz vehicle owned by Mr. Kim (50), head of the bank's corporate finance team, who facilitated the lending of investor stock accounts. Both Director Joo and Mr. Jo have been indicted while in custody.

The joint investigation team has preserved assets totaling approximately 22.1 billion KRW, including the newly frozen assets.

The prosecution estimates that the illegal profits gained by CEO Ra and his associates through market manipulation amount to about 730.5 billion KRW. A prosecution official stated on the 6th, "We are continuously making efforts to locate hidden or overseas assets of CEO Ra and his associates to recover the proceeds of crime."

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