Hancom Group Chairman Kim Sang-chul. (Photo= Hancom Group)

[Alpha Biz= Reporter Kim Jisun] Hancom has expressed that the police's application for an arrest warrant for Chairman Kim Sang-cheol, who is under suspicion of creating unauthorized funds related to 'Arowana Token,' will have "no substantial impact on the actual management" of the company.

In a statement released on July 11th, Hancom's co-CEOs Byun Sung-joon and Kim Yeon-soo expressed regret, stating, "We deeply regret causing concerns to shareholders, investors, customers, employees, and many other stakeholders regarding the police's application for an arrest warrant for Chairman Kim Sang-cheol."

They emphasized, "As officially stated multiple times through press conferences and statements since November last year, neither Hancom nor its management has been involved in the mentioned business activities." They further clarified, "Each group company, including Hancom, is already managed under the leadership of its respective CEOs. Therefore, this arrest will have no issues or impact on the actual management of Hancom and its affiliated companies."

Previously, the Gyeonggi Southern Provincial Police Agency's Anti-Corruption and Economic Crime Investigation Division applied for a pretrial detention warrant for Chairman Kim on charges of embezzlement under aggravated punishment laws related to creating unauthorized funds amounting to around 10 billion KRW through 'Arowana Token'.

 

 

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