The prosecution, which is investigating various allegations of corruption in the Ssangbangwool Group, has requested arrest warrants for former and current financial executives and employees of the group on charges of violating the Capital Market Act.



Suwon District Prosecutor's Office 6th Criminal Division (Chief Prosecutor Kim Young-nam) requested prior arrest warrants for former Ssangbangul Debt General Manager (CFO) A and current Finance Manager B on charges of violating the Capital Markets Act (fraudulent or fraudulent transaction).



Mr. A and others are accused of falsely disclosing related information in the process of convertible bond (CB) transactions, which occurred twice in 2018 and 2019, each worth 10 billion won, under the direction of former chairman Kim Seong-tae.



All convertible bonds issued by Ssangbangwool in 2018 were purchased by an investment company called Good Man Invest, which is known to be owned by former Chairman Kim.



In 2019, all of the convertible bonds were also purchased by investment companies in the names of former Chairman Kim’s relatives or close associates, and then Vivian, an affiliate of Ssangbangwool, bought all of them again.



Prosecutors are investigating the possibility that Ssangbangwool secured insufficient company funds through such transactions, raised slush funds, and engaged in unfair transactions between affiliates.



In addition, Mr. A is also accused of embezzlement of 3 billion won and preparing false financial statements, and Mr. B is charged with breach of trust of 450 billion won.



The interrogation of the suspect before arrest (examination of warrant) for Mr. A and others will be held today (20th) at 10:30 am at the Suwon District Court, and a warrant will be issued this evening at the earliest.