A 30-year-old employee, Kim Mo, was arrested on suspicion of extorting 24.5 billion won from the KOSPI listed company, Kyeyang Electric, for six years.
On the 18th, Seoul Central District Court's chief judge Moon Seong-gwan issued an arrest warrant for Kim, saying, "There is a fear that the criminal charges have been clarified and there is a risk of fleeing."
Earlier, Kim was arrested by the police on the 16th (16th) on charges of embezzling 24.5 billion won in company money over 6 years by manipulating books and decorating financial statements according to bank statements.
The police applied for an arrest warrant for Kim on charges of embezzlement under the Act on Aggravated Punishment of Specific Economic Crimes.
At about 3:30 pm today, while attending the court to receive a substantive review of the warrant, Kim briefly responded to reporters' questions such as 'Are you admitting to the embezzlement', 'Is the embezzlement used up', and 'Is it an investment in stocks?') answered.
Then, after the interrogation at around 4 pm, he said "yes" to the question 'Do you admit the crime?'
It is said that Kim recently confessed to the crime when he was asked for not submitting relevant data to an external auditor during the company's financial settlement process.
The money he embezzled was reportedly spent on investing in stocks, virtual currency and gambling, he said.
Yesterday (17th), the police, who received an account seizure and search warrant from the court, are investigating the flow of funds in Kim's account.
The estimated 24.5 billion won that Mr. Kim embezzled is equivalent to 12.7% of Kyeyang Electric's equity capital of 192.6 billion won.
Gyeyang Electric, which filed a complaint with the police on the 15th, has suspended stock trading at the Korea Exchange.