SEOUL– Prosecutors on Monday demanded life in prison for a former employee of dental implant maker Osstem Implant Co. on charges of embezzling company funds worth 212.5 billion won (US$162.5 million).
The former employee, known by his family name Lee, has been indicted on charges of embezzling the company funds between November 2020 and October 2021 in collaboration with his family while serving in the firm’s finance department.
He allegedly transferred the money through multiple bank accounts for investment in shares and other private purposes.
Lee’s wife, sister and sister-in-law have also been indicted on charges of colluding with him in concealing criminal proceeds.
The Seoul Southern District Court on Monday requested that a court order the confiscation of property lease and resort membership deposits belonging to him and have him cough up 114.8 billion won.
Prosecutors also demanded a five-year prison term for Lee’s wife and a three-year term for both the sister and sister-in-law.
Trading of Osstem Implant shares was temporarily suspended on the secondary KOSDAQ market following the scandal before being resumed in April.
Established in 1997, Osstem Implant is the country’s largest manufacturer of dental implants. The company also holds the largest market share in the Asia-Pacific region and is fourth in the global market.
Source: Yonhap News Agency