Police Refer Former Dongsung Pharmaceutical Executives Accused of Embezzling About 30 Billion Won Without Detention
Former Chairman Lee accused of embezzling 25 billion won and manipulating stock prices
Police investigating allegations that former executives of Dongsung Pharmaceutical embezzled about 30 billion won in company funds and took part in stock price manipulation have referred the case to the prosecution.
On October 30, the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency's Metropolitan Investigation Division referred five people, including former Dongsung Pharmaceutical Chairman Lee and former CEO Na, to the Seoul Southern District Prosecution Office without detention on suspicion of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement) and the ban on stock price manipulation under the Capital Markets Act.
Lee is accused of embezzling about 25 billion won in company funds from 2022 through the end of 2024 and using the money to cover losses from personal futures and options investments.
He is also accused of using company shares as collateral for futures and options trades and manipulating the market to keep the share price from falling below a certain level.
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Na is accused of embezzling about 6 billion won in company funds and taking part in stock price manipulation from the end of 2024 through early 2025, despite knowing about Lee's alleged crimes. The three others referred with them are accused of taking part in the crimes.
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