Police Ban Jeong Yong-won, KG Mobility CEO, from Leaving the Country over Embezzlement Allegations

The Anti-Corruption Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the 5th that it has imposed a travel ban on Jeong Yong-won, CEO of KG Mobility, who is under investigation for embezzlement suspicions, as of the 4th.

The police have been investigating Jeong and three other KG Mobility executives on charges of embezzlement related to their duties, and on the 19th of last month, they conducted a search and seizure at KG Mobility's headquarters in Pyeongtaek, Gyeonggi Province. The amount embezzled is reported to be in the billions of won.

Two days after the police search and seizure, CEO Jeong expressed to the company his intention to take moral responsibility and resign from his position as CEO and registered director. However, he stated that he intends to complete ongoing tasks such as new car development.

KG Mobility previously explained, "Since the suspicions concern certain individual corrupt practices that occurred during the Ssangyong Motor period from 2016 to 2018, they are not directly related to the current KG Mobility."

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