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HUBO, a bipedal humanoid robot developed by Rainbow Robotics. (Photo courtesy of Rainbow Robotics) |
[Alpha Biz= Paul Lee] South Korean prosecutors have launched a compulsory investigation into allegations that executives and employees of Rainbow Robotics Co. illegally profited tens of billions of won by using undisclosed information, with individuals linked to Samsung Electronics also reportedly included in the probe.
According to legal sources on March 18, the Financial and Securities Crime Joint Investigation Unit at the Seoul Southern District Prosecutors’ Office conducted search and seizure operations at Rainbow Robotics’ headquarters in Yuseong-gu, Daejeon, as well as at the residences of current and former executives and employees.
The targets of the raid are said to include the homes of individuals who previously worked at Samsung Electronics.
The investigation follows a complaint filed last month by the Securities and Futures Commission under the Financial Services Commission, alleging violations of the Capital Markets Act by individuals associated with Rainbow Robotics.
Earlier, financial authorities reportedly referred a total of 16 individuals to prosecutors—formally indicting two and requesting further investigation into the remaining 14. Those under investigation are said to include the company’s current CEO, surnamed Lee, and former Chief Financial Officer (CFO), surnamed Bang.
Prosecutors are expected to examine whether the individuals traded shares using undisclosed information during the 2022–2024 acquisition process of Rainbow Robotics by Samsung Electronics, generating illicit gains estimated at KRW 3 billion to KRW 4 billion.
Rainbow Robotics, founded by a research team from KAIST that developed South Korea’s first bipedal humanoid robot “HUBO,” became a subsidiary of Samsung Electronics last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
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