'28.5 Billion Won Unjust Profit' Kim Yong-bin, Chairman of Daewoo Shipbuilding & Marine Engineering, Applies for Bail

Kim Woo-dong, CEO of Jogwang ILI, Also Applies for Bail in August

Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction (50), who gained an unfair profit of 28.5 billion KRW by inflating stock prices through false disclosures, has applied for bail at the court. Kim Woo-dong, CEO of Jogwang ILI, who was indicted on charges of fraudulent unfair trading under the Capital Markets Act, also applied for bail around the same time.

According to the legal community on the 7th, the Seoul Southern District Court Criminal Division 12 (Chief Judge Dang Woo-jeung) conducted a bail hearing yesterday for Chairman Kim, who was indicted 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. It was confirmed that Chairman Kim applied for bail on the 29th of last month.

The result of Chairman Kim’s bail hearing has not yet been announced. The detention period for a defendant undergoing trial is up to six months from the date of indictment. Chairman Kim was indicted on April 14.

According to the prosecution, Chairman Kim is accused of fraudulent unfair trading by making false disclosures to enter the bio-business and conducting a fictitious paid-in capital increase by raising private loan funds in December 2018 to avoid the designation of Korea Corporation, a call center operation agency, as a management item. The prosecution believes that Chairman Kim and related parties gained an unfair profit of up to 28.5 billion KRW through this.

He is also charged with embezzling 5 billion KRW of Korea Corporation’s funds to repay borrowed private loan funds, and breach of trust by causing Korea Corporation to purchase worthless unlisted company stocks at high prices to inflate the value of the bio-business, which was the material for boosting stock prices, together with CEO A, causing a loss of about 21.1 billion KRW.

In addition, there are charges of embezzlement of 400 million KRW of corporate funds while Daewoo Shipbuilding & Marine Engineering Construction was unable to pay employee salaries (embezzlement in the course of business), and breach of trust for jointly guaranteeing 5 billion KRW of private loans unrelated to Daewoo Shipbuilding & Marine Engineering Construction.

Meanwhile, Kim Woo-dong, CEO of Jogwang ILI, who was indicted in April on charges including fraudulent unfair trading under the Capital Markets Act, is also awaiting a bail hearing. CEO Kim applied for bail at the Seoul Southern District Court on the 25th of last month.

CEO Kim is accused of inflating stock prices through false disclosures during the acquisition and merger of several KOSDAQ-listed companies without equity capital, and embezzling company funds from the acquired companies.

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