Koo Young-bae, CEO of Quten Group, who was named the final person in charge of the so-called large-scale non-settlement of Timon and Wemakeff, was exempted from arrest.
The Seoul Central District Court yesterday (10th) rejected an arrest warrant for representative Koo, who is accused of fraud and embezzlement under the Additional Punishment Act for certain economic crimes.Ryu Hwa-hyun, CEO of Wemakeff, and Ryu Kwang-jin, CEO of Timon, who are accused of conspiring to commit the crime with the representative of
, were also exempted from arrest.
The court explained that it is difficult to conclude that there is a risk of them running away or eliminating evidence beyond the scope of the exercise of defense rights.
They are accused of stealing 1.595 trillion won worth of goods and sales by deceiving the seller and preventing him from paying the settlement price even though they knew that their management had deteriorated enough to be unable to pay the settlement price.
He is also accused of embezzling 67 billion won in company money to buy the U.S. e-commerce company, causing 60 billion won in damages to Timep and 9 billion won to Wemep by selling products to affiliates.
Prosecutors believe that they falsely reported to the Financial Supervisory Service by reducing the amount of 500 billion won to 46 billion won as of the end of 2022 even after detecting signs of crisis two years before the non-settlement incident.
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