Unfair Profits from 'Undisclosed Vaccine Business Information'... Former WellBiotec CEO Indicted
Accused of Illegally Profiting Approximately 186 Million Won
A former CEO of a listed company has been indicted on charges of making unfair profits by purchasing shares in advance using undisclosed material information about the company's entry into the COVID-19 vaccine business.
On July 31, the Joint Financial and Securities Crimes Investigation Unit of the Seoul Southern District Prosecutors' Office (headed by Prosecutor Shin Donghwan) announced that it had indicted Mr. A, the former CEO of Well Biotech, without detention on charges of violating the Capital Markets Act.
According to the prosecution, Mr. A was brought to trial on charges of making approximately 186 million won in unfair gains by trading company shares using undisclosed material information about Well Biotech's entry into the COVID-19 vaccine distribution and production business in April 2021, when the company was still listed.
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At that time, Well Biotech had announced plans to invest 7 billion won in a related entity to enter the domestic distribution and contract manufacturing (CMO) business for the Russian COVID-19 vaccine "CoviVac." Well Biotech was delisted in January of this year.
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