Osstem Implant embezzler gets 35 years in prison

A laboratory of Osstem Implant in Gangseo District, western Seoul [NEWS1]

An employee of Osstem Implant accused of embezzling 221.5 billion won ($178 million) has been sentenced to 35 years in prison and a fine of 30 million won Wednesday.

Osstem Implant is the country’s largest dental implant manufacturer.

The Seoul Southern District Court’s verdict on Wednesday includes disgorgement of some 115 billion won from the 46-year-old employee who has been charged with embezzlement and violating the criminal proceeds concealment act.

The amount that the employee embezzled is the largest amount ever embezzled from a listed Korean company.

“The accused employee has severely damaged the company and its shareholders,” the court said Wednesday.

“It is questionable whether the damage will be fully recovered even after collecting the demanded money back.”

The court added that there has been some evidence that the suspect squirreled away some assets for use after getting out of jail.

The employee’s wife was sentenced to a three-year prison term the same day for being involved in the crime and violating the same act. His sister and sister-in-law were sentenced to two years in prison and three years of probation for the same charge.

The employee was prosecuted in January last year for transferring 221.5 billion won from the company’s account to his personal security account from November 2020 to October 2021.

The employee is accused of using the stolen money to buy stocks and real estate.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]