SEOUL, Nov. 18 (Korea Bizwire) — Prosecutors questioned a former chairman of a major South Korean dairy company Monday as part of an investigation into allegations he embezzled company funds for personal use. Hong Won-sik, former chairman of Namyang Dairy Products Co., underwent the questioning at the Seoul Central District Prosecutors Office, officials said. Hong [...]
SEOUL, Jan. 11 (Korea Bizwire) — A former employee of dental implant maker Osstem Implant Co. was sentenced to 35 years in prison Wednesday for embezzling company funds worth 221.5 billion won (US$178.1 million). The Seoul Southern District Court also ordered the former employee, known by his surname Lee, to forfeit 115.2 billion won and [...]
SEOUL, June 8 (Korea Bizwire) — An employee of KB Savings Bank, a unit of KB Financial Group, has been arrested for allegedly embezzling 9.4 billion won (US$7.5 million) of corporate funds over a six-year period, officials said Wednesday. The Songpa Police Station in southern Seoul detained the employee in his 40s a day earlier [...]
SEOUL, June 3 (Korea Bizwire) — Amid a recent series of large-scale embezzlement cases by employees of banks and other financial companies, cases of employees exploiting company funds to invest in cryptocurrencies have continued to pop up over the past couple of years. An unidentified person, an accountant at a fashion manufacturer, was charged with [...]
SEOUL, May 29 (Korea Bizwire) — More than 170 employees from banks and other financial firms have embezzled more than a combined 100 billion won (US$79.62 million) over the past five years, but about a mere 11 percent has been retrieved, data showed Sunday. Calls have grown recently for financial firms and authorities to strengthen [...]
SEOUL, May 9 (Korea Bizwire) — A Woori Bank employee who was arrested last month on charges of embezzling 61.4 billion won (US$48.2 million) was found to have lost more than half of the stolen money from investments in high-risk stock derivative products, police said Monday. The employee, identified only by his family name Jeon, [...]
SEOUL, May 6 (Korea Bizwire) — Police on Friday referred an employee of Woori Bank, one of South Korea’s largest commercial banks, and his brother to the prosecution on charges of embezzling more than 60 billion won (US$47 million), officials said. The employee is suspected of having embezzled a total of 61.4 billion won through [...]
SEOUL, April 30 (Korea Bizwire) — An arrest warrant was issued Saturday for an employee of Woori Bank, one of South Korea’s largest commercial banks, suspected of embezzling more than 60 billion won (US$47 million). The Seoul Central District Court issued the warrant for the employee, whose identity was withheld, ruling that the suspect posed [...]
SEOUL, Jan. 5 (Korea Bizwire) — The chief of South Korean dental implant maker Osstem Implant Co. on Wednesday apologized for its own employee allegedly embezzling a large amount of corporate funds. The employee in charge of managing corporate funds, only identified by his surname Lee, has allegedly embezzled 188 billion won (US$157.7 million). Osstem [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korean dental implant maker Osstem Implant Co. said Monday it has sued one of its employees on charges of embezzling corporate funds nearing equity capital. The employee in charge of managing funds, only identified by his surname Lee, allegedly embezzled 188 billion won ($157.7 million) Friday, according to [...]