Police Raid Headquarters of Shipping Company Polaris Shipping... CEO Suspected of Breach of Trust
The police investigating the breach of trust allegations against the representatives of the domestic shipping company Polaris Shipping have conducted a search and seizure at the company's headquarters.
On the 28th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency has been conducting a search and seizure at Polaris Shipping's headquarters in Jongno-gu, Seoul since the morning. The police are understood to have secured documents and hard disks related to the breach of trust allegations against the representatives of Polaris Shipping.
According to the police, Han Mo, co-CEO of Polaris Shipping, and Kim Mo, co-CEO, are under investigation for breach of trust involving hundreds of billions of won. It is known that they embezzled money by lending funds to the holding company, Pola Energy & Marine, to secure management rights.
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Polaris Shipping is the shipping company of the ultra-large cargo ship Stella Daisy, which sank in the South Atlantic near Uruguay in 2017.
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