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Photo courtesy of KUM YANG |
[Alpha Biz= Paul Lee] Busan, South Korea [April 21, 2025] The Busan Main Customs Office has recently conducted a raid on the headquarters of Geumyang Co., Ltd., located in Sasang-gu, Busan, along with related premises, as part of an ongoing investigation.
Authorities are reportedly examining whether Geumyang’s investment in a lithium mine in Mongolia was carried out without procedural issues and whether any misappropriation of funds occurred during the process.
This development follows earlier controversy in which Geumyang was designated as an unfaithful disclosure corporation last year, after allegations surfaced that the company had inflated projected earnings from the Mongolian mining project.
In March of this year, Geumyang received a “disclaimer of opinion” from its external auditor in its annual audit report, placing the company at risk of being delisted from the Korea Exchange.
The company has since submitted a formal objection to the Korea Exchange in an effort to avoid delisting.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
