Moon Eun-sang, CEO of Bio-Silla, a bio company that has been accused of knowing undisclosed information and selling stocks held in advance, was arrested.

The Seoul Southern District Court issued a warrant for the arrest of Moon, saying he was concerned about destroying evidence and fear of running away.

The arrest warrant was dismissed for the paper company CEO Jo Mo, who was alleged to have used Moon in the process of unfairly acquiring a stake in the company.

They were reportedly suspected of avoiding massive losses by selling large amounts of stocks using internal information inside the company before announcing the clinical suspension of the new drug called 'Pexabec', an anti-cancer drug developed by Sillagen.