Police have launched a forced investigation into Kim Sang-cheol, president of Hangul and Computer, a software company suspected of raising black 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’s headquarters in Seongnam-si, Gyeonggi-do and the home of President Kim.
President Kim is suspected of having created a black fund with the cryptocurrency “Arowana Token”.
Democratic Party lawmaker Yang Ki-dae raised the charge during a police inspection of the National Assembly’s Administrative Security Committee last year.
Rep Yang said that the “Arowana Token,” whose price jumped 1.76 times within 30 minutes of going public in April last year, was a vehicle for President Kim’s black fund.
He is said to have founded a paper company through an acquaintance and signed a contract to secure 100% of the shares as collateral.
At the time, Hancom completely denied the allegations.
However, police have since arrested and investigated President Kim on suspicion of business embezzlement.
/ yunhap news
