Amorepacific employees embezzle corporate fund for stock and coin investment
May 18, 2022
Seoul [South Korea], May 18 (ANI/Global Economic): Employees of Korea's cosmetic giant Amorepacific embezzled billions of corporate money and invested it in stocks and cryptocurrencies.
According to industry sources on the 17th, Amorepacific recently conducted an internal audit and disciplined three sales employees for embezzling corporate funds by stealing payments after supplying products to customers.
The three employees reportedly invested embezzled money in stocks and virtual coins.
The amount of embezzled money reportedly reaches 3 billion won, but the company did not reveal the detailed amount and just said it has recovered most of the embezzled funds.
As the amount of embezzled money is not the disclosure obligation, Amorepacific has not revealed the amount and reportedly closed the case internally without reporting it to the police.
Amorepacific issued an official statement and said, "We will improve structural measures to prevent employees from committing illegal acts while allowing autonomous sales activities of our employees."
In the cosmetics industry, embezzlement also previously occurred in Clio.
An employee of Clio was recently arrested on charges of embezzling about 1.89 billion won by depositing some of sales payments paid by home shopping companies into personal account for about a year from early last year to early this year. It is reportedly difficult to recover as the employee reportedly spent most of embezzled money on gambling.
In addition to these companies, embezzlement cases worth more than billions won increased this year.
In January this year, a finance department employee at Osstem Implant skimmed 221.5 billion won to invest in stocks, and Woori Bank's employee was caught up for allegedly embezzling 61.4 billion in through internal audit in April.
In March, a team leader of LG U+ fled abroad after stealing billions of won. (ANI/Global Economic)
