Meritz Securities office building. (Photo=Meritz Securities)

 

[Alpha Biz= Reporter Kim Jisun] According to legal sources on the 22nd, the Seoul Central District Prosecutors' Office, under the leadership of Chief Prosecutor Park Hyun-kyu, requested arrest warrants for former Meritz Securities executive Park, on charges of aggravated fraud under the Specific Economic Crimes Act, and former employees Kim and Lee on charges of aiding and abetting under the Act on Special Cases Concerning the Punishment of Specified Crimes.

The individuals are accused of deceiving Meritz Securities into facilitating loans purportedly for the purchase of real estate from October 2014 to September 2017. Park allegedly used the funds obtained to purchase real estate and profited from the transactions, giving Kim and Lee approximately 460 million won and 380 million won, respectively, as compensation for arranging the loans.

The Financial Supervisory Service estimates that they made tens of billions of won in profits. The FSS conducted a planned inspection of Meritz Securities from August 16 to September 22 last year and subsequently requested the prosecution to investigate the matter.

In connection with this case, Park was summoned for questioning as a suspect in February, and in November last year, search warrants were executed at the Meritz Securities headquarters in Yeongdeungpo-gu, Seoul, and the residences of related individuals.

 

 

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