The police have launched a forced investigation into Kim Sang-cheol, chairman of Hangul and Computer, a software company suspected of raising slush funds.
On the morning of the 20th, the anti-corruption and economic crime investigation team of the Gyeonggi Nambu Police Agency conducted a search and seizure of Hancom headquarters in Seongnam-si, Gyeonggi-do and the home of Chairman Kim.
Chairman Kim is suspected of creating a slush fund with the cryptocurrency ‘Arowana Token’.
Democratic Party lawmaker Yang Ki-dae raised the allegation during a police inspection of the National Assembly’s Administrative Safety Committee last year.
Rep. Yang argued that the ‘Arowana Token’, whose price jumped 1,76 times within 30 minutes of being listed on the exchange in April last year, was a means for Chairman Kim’s slush fund.
It is said that he established a paper company through an acquaintance and signed a contract to secure 100% of the stock as collateral.
At the time, Hancom completely denied the allegations.
However, the police have since booked and investigated Chairman Kim on charges of embezzlement in business.
/yunhap news