On March 19, the Anti-Corruption Investigation Division of the Seoul Metropolitan Police Agency conducted a search and seizure at the headquarters of KG Mobility (KGM) in Pyeongtaek City, Gyeonggi Province. The CEO of KGM, Jung Yong-won, and employees have been under investigation for embezzling company funds, and the search was conducted to secure related materials.
KGM has drawn a line, stating that the incident occurred before the corporate rehabilitation procedure of SsangYong Motor. In a statement, KGM emphasized, “The current CEO of KG Mobility is not involved as the incident occurred while he was an executive at SsangYong Motor Company, and it started at an individual level rather than a company level.”
Furthermore, KGM clarified, “As a company that has perfectly settled its debt relations through the corporate rehabilitation procedure, this case is entirely unrelated to us, and the company is currently operating normally without any financial impact.”
A representative of KGM stated, “The specific allegations related to the current search and seizure are not clearly identified. Especially, the related matters are suspicions about a few individuals’ corruption that occurred during the SsangYong Motor era from 2016 to 2018, which is not directly related to the current KG Mobility.”
The company is currently assessing the details related to the police’s embezzlement allegations and plans to cooperate earnestly with the police investigation.