embezzlement and the grim reaper

editor’s note

‘Horizontal’, a column written by editorial members, is a corner that interprets the meaning of news in a new way by raising a sense of problem that we had not yet thought of.

The Korea Exchange held a corporate review committee last month and announced that it had decided to keep Osstem Implant listed. Osstem Implant’s stock trading was suspended and resumed on January 3rd due to the substantive review of listing eligibility (delisting) after the head of the finance team embezzled 221.5 billion won of company funds. The photo shows the Osstem Implant Central Research Center in Gangseo-gu, Seoul. News 1

There have always been cases of embezzlement where someone in charge of public money, company funds, or other people’s money illegally hijacks the property and uses it as if it were their own. But this year, this is especially common. In January, the head of the money management team of Osstem Implant in his 40s stole a huge amount of 221.5 billion won, which is larger than the company’s capital, which was a shock. Last month, it was also revealed that an employee of Woori Bank embezzled 61.4 billion won from the company. A few days ago, it was revealed that three Amorepacific employees embezzled 3.5 billion won. Gangdong-gu Office (11.5 billion won), Gyeyang Electric (24.6 billion won), Clio (2.2 billion won), and Shinhan Bank (200 million won) had large and small accidents.

□ A striking feature of the recent embezzlement case is that they did not run away or hide with the stolen funds, but rather invested in stocks, futures options, and virtual currency to make a bigger name. Osstem Implant’s employees used the embezzled money to purchase over 40 stocks worth 1.28 trillion won. They managed a larger amount of money than their holdings through settlement for difference transactions. It is also known that Woori Bank employees used the stolen money to invest in futures and options, which are representative derivatives. Amorepacific employees also invested in stocks and virtual currencies, or engaged in illegal in-house gambling. They all fell into golden almightyism and gluttony.

□ The enormous liquidity released in the process of overcoming COVID-19 and the booming capital and financial market for several years made many people dream of a jackpot rather than risk management. It is difficult for common sense and reason to work in this situation. It was unreasonable to expect them to have a minimum professional view or ethical consciousness. But the feast is over.

□ Human desires are boundless. An internal control system to monitor this is essential. It is regrettable that a series of embezzlement cases have occurred at listed companies, which must provide transparent and accurate financial information through family crackdowns and a thorough accounting system. Moreover, there is nothing to say about the embezzlement incident at a bank that manages the money trusted by customers. Poor systems, managers, supervisory authorities, and accounting firms that fail to detect this cannot all be freed from responsibility. Fortunately, the ‘Joint Financial and Securities Crimes Investigation Team’, which was called ‘Yeouido Grim Reaper’ by intensively investigating unfair transactions in the capital market, was revived after more than two years. Lots of work to do.

Il-geun Park, head of the newspaper ikpark@hankookilbo.com

Balance to see the world, Hankook Ilbo Copyright © Hankookilbo

Issues you may be interested in

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.