Prosecutors raid Korea Zinc, brokerages in expanding stock issuance probe SEOUL, November 04 (AJP) - South Korean prosecutors carried out additional raids on Korea Zinc and securities firms involved in the company’s stock issuance plan, widening an investigation into alleged violations of capital market laws. A joint investigation team of the Seoul Southern District Prosecutors’ Office, led by Chief Prosecutor Kim Jin-ho, searched Korea Zinc’s headquarters and other locations on Tuesday, seizing computers and internal records. Investigators also raided the offices of Mirae Asset Securities, the lead underwriter, and KB Securities, a co-underwriter, as well as certain departments at Hana Bank. The probe centers on allegations that Korea Zinc, one of the world’s largest zinc smelters, may have engaged in unfair trading practices related to its 2.1 trillion won ($1.5 billion) stock issuance plan announced on Oct. 30 last year, shortly after a share buyback. Authorities suspect the firm may have concealed plans to use the new share sale to finance the earlier buyback. Mirae Asset is reported to have begun due diligence for the offering on Oct. 14, despite Korea Zinc’s public statements that it had no plans to alter its financial structure following the repurchase. The Financial Supervisory Service, citing concerns over possible investor confusion, ordered Korea Zinc to revise its securities filing, prompting the company to withdraw the issuance on Nov. 13. The Financial Services Commission later referred the case to prosecutors, citing potential violations of capital rules. Tuesday's searches follow earlier raids in April, when prosecutors seized documents from six corporate offices — including Korea Zinc, Mirae Asset, and KB Securities — and five residences linked to the case. Prosecutors are examining whether executives at Korea Zinc or its financial partners coordinated to mislead investors or profit from undisclosed information ahead of the planned stock sale. Korea Zinc shares closed down 3.07 percent, or 32,000 won, at 1,011,000 won on Tuesday. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 15:42:59

More South Koreans likely involved in scam frauds in Cambodia SEOUL, October 20 (AJP) - Statistics suggest that more South Koreans are involved in scam frauds and phishing schemes in Cambodia than previously estimated. According to data from the Ministry of Justice submitted to lawmaker Park Chan-dae of the ruling Democratic Party and revealed on Monday, the number of South Koreans who traveled to Cambodia but did not return has risen sharply in recent years. The figure was 113 in 2021, but surged to a whopping 3,209 in 2022, 2,662 in 2023, and 3,248 in 2024. As of August this year, 864 had not returned. The number of travelers to the Southeast Asian country surged from 5,476 in 2021 to 108,820 in 2024. In the first eight months of this year, 67,609 have traveled there. It is also believed that many people may have entered Phnom Penh via neighboring countries such as Thailand and Viet Nam, which are not reflected in local official statistics. Supporting this, Cambodia's immigration data shows higher numbers, with 60,740 South Koreans entering in 2022 and 192,305 in 2024. For this reason, experts suggest the actual number involved in scam-related crimes may far exceed the estimated 1,000, as some enter Cambodia illegally via China. Emerging evidence and testimony from witnesses indicate that far more South Koreans may have faced detention, violence, and organ trafficking than officially reported. Park emphasized the need for a thorough review of travel records and consular data to tackle the issue. Meanwhile, police are seeking arrest warrants for 59 of the 64 suspects who were detained in Cambodia over alleged online job scams and other crimes and brought home last Saturday. Four were released, and one was denied an arrest warrant by prosecutors. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-20 11:23:45

Man sentenced to 12 years in prison for setting fire to Seoul subway train SEOUL, October 14 (AJP) - The Seoul Southern District Court on Tuesday sentenced a 67-year-old man to 12 years in prison for attempting to murder passengers by setting fire to a Seoul subway train earlier this year. Prosecutors had sought a 20-year sentence for the man, identified only by his surname Won, who was charged with attempted murder, arson, and violating railway safety laws. "The defendant poured gasoline and set fire to a train carrying hundreds of passengers out of dissatisfaction with his divorce proceedings, causing injuries and widespread panic," the court said in its ruling. The ruling came months after Won set fire to a train between Yeouinaru and Mapo stations in May, aiming to kill about 160 passengers, including himself. The fire left six people injured and hospitalized 23 others for smoke inhalation. Won reportedly planned the arson to draw public attention, preparing by purchasing gasoline and selling off his assets. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-14 14:26:14