Kim Won-kyu, CEO of LS SECURITIES, will challenge for a third term despite legal risks.
The LS SECURITIES executive candidate recommendation committee unanimously recommended Kim as the final candidate for the next CEO on the 5th. If the agenda for Kim's appointment as an inside director passes at the shareholders' meeting held on the 21st of this month, his reappointment will be confirmed after the board of directors' resolution.
Kim was appointed CEO of the predecessor of LS SECURITIES, eBest Investment & Securities, in 2019 and successfully reappointed in 2022. LS SECURITIES, led by Kim, has been recognized for increasing profitability through diversification of its revenue structure. eBest Investment & Securities changed its name to LS SECURITIES after being incorporated into the LS Group last year.
Kim is currently under indictment without detention on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes. He is accused of aiding and abetting a company executive's embezzlement of about 830 billion won and receiving money and valuable items, including purchasing expensive artworks at low prices.
A representative for Kim noted, "There is no fact that he unjustly received expensive paintings from an executive in charge of a specific business related to his duties or aided and abetted knowing the fact of embezzlement of the PF loans of the related Special Purpose Company (SPC). He will actively clarify the prosecution's accusations in the future court proceedings."