Monday, November 10, 2014

Father of iKON's B.I detained and under investigation for embezzlement and lying about company matters

According to Korean media reports, the father of iKON's B.I is currently being detained and investigated for allegedly spreading false information about his company and embezzling money. 

According to the Southern Seoul Distribution Prosecutor's Stock Crime Joint Investigation Team, B.I's father Kim Jung Joo has been detained for breaking the Capital Market Act. He and an accomplice are being charged with deceiving investors with false company statements to raise 18,100,000,000 KRW (approximately $17 million) and embezzling 2,390,000,000 KRW (approximately $2.2 million) of company funds. 

Kim Jung Joo is the CEO of Seunghwa FreeTech, and while he was obtaining the shares to take over the company in February, he made it appear to investors as if the money he was receiving through stock-collateral loans was actually his own private capital. Through this false information, he raised 18,100,000,000 KRW from June to August, and embezzled 2,390,000,000 KRW, 10.7% of company funds.
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