An arrest warrant was issued for CEO Moon Eun-sang of biotech company Shillagen, who is accused of trading stocks using undisclosed information.

The Seoul Southern District Court issued a warrant for the arrest of Moon for fear of destroying the evidence and fear of running away.

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

The court said that Mr. Cho acknowledged most of the facts and dismissed the warrant, taking into account that he had no authority to issue BW as an outsider to the victim's company.

Earlier, the Seoul Southern District Prosecutor's Office of Financial Investigation Division 1 filed a warrant for arrest on August 8 for alleged violations of the Capital Market Act and criminal offenses under special law.

Mr. Moon is known to be suspected of avoiding massive losses by selling large amounts of stocks using internal information inside the company before announcing the clinical suspension of 'Pexabec', an immunocancer drug developed by Sillagen.