'Wage Arrears' Kim Yong-bin, Chairman of Daewoo Shipbuilding & Marine Engineering Construction... Detained Again One Month After Bail

Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction and Korea Technology (51), is once again facing arrest on charges of withholding 2.7 billion won in wages from workers just one month after being released on bail.

On the 16th at 2 p.m., Judge Kim Ji-sook, in charge of warrants at the Seoul Southern District Court, will conduct a pre-arrest detention hearing (warrant substantive examination) for Chairman Kim on charges including violation of the Labor Standards Act. Chairman Kim was previously arrested and indicted in April 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, but was released last month after his bail application was accepted.

According to the prosecution, Chairman Kim is accused of failing to pay 2.7 billion won in wages and severance pay to company employees. The prosecution requested an arrest warrant on the 12th, just one month after Kim’s release, considering the seriousness of the case with wage arrears amounting to 2.7 billion won, the fact that the affected workers are still suffering severe hardships such as financial difficulties, and that company funds were privately misappropriated during the wage arrears period.

Chairman Kim is currently on trial for allegedly procuring private loan funds to carry out a disguised paid-in capital increase to avoid Korea Corporation’s designation as a management item in December 2018, and for making false disclosures to inflate stock prices while entering the bio-business, thereby gaining an unfair profit of 28.5 billion won. Along with Korea Corporation CEO Mr. A, he is also accused of causing damages worth approximately 21.1 billion won by having Korea Corporation purchase worthless unlisted company stocks at high prices to inflate the value of the bio-business used as a material for stock price boosting.

Despite Daewoo Shipbuilding & Marine Engineering Construction being unable to pay employee salaries, Chairman Kim is also accused of embezzling 400 million won of corporate funds. He and others are charged with purchasing luxury goods using corporate cards, privately using a Porsche vehicle leased under the company’s name, and providing joint guarantees for 5 billion won in private loans unrelated to Daewoo Shipbuilding & Marine Engineering Construction.

The results of the warrant hearing for Chairman Kim are expected to be announced late in the afternoon.

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