'28.5 Billion Won Unfair Gains' Kim Yong-bin, Chairman of Daewoo Shipbuilding & Marine Engineering Construction, Released on Bail
Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction (age 50), who gained an unfair profit of 28.5 billion KRW by inflating stock prices through false disclosures, has been released on bail.
According to the legal community on the 12th, the Criminal Division 12 of the Seoul Southern District Court (Chief Judge Dang Woo-jeung) accepted the bail request filed by 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. Chairman Kim’s side filed the bail request with the court on the 29th of last month, and the hearing was held on the 6th.
According to the prosecution, Chairman Kim is accused of false disclosure (fraudulent unfair trading) by raising private loan funds to carry out a fictitious paid-in capital increase in order to avoid the designation of Korea Corporation, a call center operation agency, as a management item in December 2018, and falsely announcing entry into the bio business. The prosecution believes that Chairman Kim and related parties gained up to 28.5 billion KRW in unfair profits through this.
He is also charged with embezzling 5 billion KRW of Korea Corporation’s funds to repay borrowed private loan funds, and with breach of trust by causing Korea Corporation, together with CEO A, to purchase worthless unlisted company stocks at high prices to inflate the value of the bio business, which was the material for stock price boosting, causing a loss of approximately 21.1 billion KRW.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
In addition, there are charges of embezzlement of 400 million KRW of corporate funds by Daewoo Shipbuilding & Marine Engineering Construction, which was unable to pay employee salaries, and breach of trust for jointly guaranteeing 5 billion KRW of private loans unrelated to Daewoo Shipbuilding & Marine Engineering Construction.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
