'Denied Bail for Jo Gwang ILI CEO Over "False Disclosure to Boost Stock Price"'
Kim Woo-dong, CEO of Jogwang ILI, who was arrested and indicted for boosting stock prices through false disclosures while acquiring KOSDAQ-listed companies without equity capital, applied for bail but was denied.
According to the legal community on the 11th, the 11th Criminal Division of the Seoul Southern District Court (Chief Judge Jeong Do-seong) rejected Kim's bail application on the 6th, citing concerns of evidence tampering or flight risk. Kim, who was indicted on charges including fraudulent unfair trading under the Capital Markets Act, filed for bail at the Seoul Southern District Court on August 25.
Kim is accused of inflating stock prices through false disclosures during the acquisition and merger of several KOSDAQ-listed companies without equity capital, as well as embezzling company funds from the acquired firms.
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On the 6th, the prosecution submitted a statement to the court regarding the issuance of an additional warrant related to Kim's supplementary indictment. In response, Kim's legal team also submitted a statement on the 10th concerning this matter.
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