The prosecution is conducting a search and seizure at MEDICOX, a KOSDAQ-listed company engaged in ship parts manufacturing. This is to investigate allegations that the company's management is involved in embezzlement and breach of trust amounting to about 10 billion won.
On the 24th, the third department of anti-corruption investigations at the Seoul Central District Prosecutors' Office (Director General Lee Seung-hak) stated that it is conducting searches at MEDICOX's headquarters and the residences of its management.
The prosecution noted that this is related to allegations of misappropriation of corporate funds by the management and false disclosures, in connection with the Specific Economic Crimes Weighted Punishment Act (breach of trust, embezzlement) and violations of the Capital Market Act.
The prosecution has reportedly captured new criminal indications of MEDICOX during its investigation into irregularities throughout the financial sector, following a referral by the Financial Supervisory Service last May regarding Korea Asset In Trust and KOREIT.
The prosecution suspects that the management of MEDICOX may have personally received funds after investing about 10 billion won in a real estate development company.
Meanwhile, the prosecution has arrested and indicted former executives and employees of Korea Asset In Trust for receiving bribes worth millions of won by giving work to a brokerage firm last December.