Police Conduct Search and Seizure at Dongyang Saengmyeong Headquarters... Former CEO Suspected of Embezzlement Related to Tennis Court Operation
The police investigating the former CEO of Dongyang Life Insurance for breach of duty have conducted a search and seizure at the Dongyang Life Insurance headquarters.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency has been sending investigators to conduct a search and seizure at the Dongyang Life Insurance headquarters office located in Jongno-gu, Seoul, since 8 a.m. on the 20th.
Former CEO Zhou Guodan is suspected of breach of duty in relation to Dongyang Life Insurance's purchase of the usage rights of a tennis court in the Seoul area at a high price in 2022.
The Financial Supervisory Service requested an investigation last year after determining that Dongyang Life Insurance acquired the usage rights of a tennis court in Seoul from a sports facility operator for about 2.6 billion won under unfavorable conditions for the company and has effectively exercised operational rights.
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A police official said, "There are also related companies undergoing search and seizure."
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