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[Alpha Biz=(Chicago) Reporter Paul Lee] Prosecutors investigating allegations that a Meritz Securities executive used job information to acquire real estate and earned 10 billion won in profits from sales, have launched a forced investigation after finding that money and valuables were exchanged in the process of lending real estate funds.
The Seoul Central District Prosecutors' Office said on the 30th that it has sent prosecutors and investigators to six places, including the headquarters of Meritz Securities in Yeongdeungpo-gu, Seoul, and the residence of Park, the former head of the headquarters, to confiscate related data.
The prosecution launched a seizure search on the same day on charges of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes. Park was found to have acquired real estate using real estate project financing (PF) information related to his job while in office, and prosecutors suspect that there was an illegality in the funding process.
The two subordinates, who were asked by Park to arrange loans, are accused of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
The Financial Supervisory Service earlier found that Park used job information to acquire and lease 11 real estate worth 90 billion won through a family corporation, and disposed of three cases to make 10 billion won worth of profits.
The prosecution, which took over the case from the Financial Supervisory Service, believed that Park's charges of taking private profits using job information had expired. Park is said to have resigned at the end of last year.
Those involved in the crime, including Park, are also known to have been partially involved in stock trading using undisclosed information by Meritz Securities, which was previously under investigation by the prosecution.
Prosecutors raided Meritz Securities in November last year on charges of using undisclosed information to sell all of its shares in Ewha Electro-Mechanics, which is set to be suspended from trading.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
