[BREAKING NEWS] Executives including Koo Young-bae, CEO of Q10 in 'Timpe Crisis' rejected arrest warrant

Koo Young-bae, CEO of Quten Group, who was named the final person in charge of the large-scale non-settlement of Timon and Wemakeff, has escaped arrest.

The Seoul Central District Court today (10th) rejected an arrest warrant filed against representative Koo, who is accused of fraud, embezzlement, and breach of trust under the Additional Punishment of Specific Economic Crimes Act.Ryu Hwa-hyun, CEO of Wemakeff, and Ryu Kwang-jin, CEO of Timon, who are accused of conspiring to commit the crime with the representative of

, were also exempted from arrest.

The court explained that it is difficult to conclude that there is a risk of them running away or eliminating evidence beyond the scope of the exercise of defense rights.

They are accused of stealing 1.595 trillion won worth of goods sales through a stop-gap operation, even though they knew that their management had deteriorated enough to be unable to pay the settlement price.

He is also accused of embezzling 67.1 billion won in company money to take over the U.S. e-commerce company, causing 60.3 billion won in damages to Timep and 8.9 billion won to Wemep by selling products to affiliates.

Prosecutors believe that they falsely reported to the Financial Supervisory Service by reducing the amount of 500 billion won to 46 billion won as of the end of 2022 even after detecting signs of crisis two years before the non-settlement incident.