SEOUL, July 11 (Yonhap) — Dental implant maker Osstem Implant Co. has launched a compensation suit against its former employee accused of embezzling company funds worth 221.5 billion won (US$171 million) and his family, sources said Monday.
Osstem Implant sued the former employee in charge of managing corporate funds, only identified by his surname Lee, and his wife, sister, sister-in-law and her husband, demanding compensation worth 1 billion won, they said.
Lee has been indicted on charges of embezzling company funds between November 2020 and October 2021 and transferring the money through multiple bank accounts for investment in shares and other private purposes.
Lee’s wife, sister and sister-in-law have also been indicted on charges of colluding with him in concealing criminal proceeds.
Four of them are currently under trial.
Trading of Osstem Implant shares was temporarily suspended on the secondary KOSDAQ market following the scandal. Trading was resumed in April.
Established in 1997, Osstem Implant is the country’s largest manufacturer of dental implants. The company also holds the largest market share in the Asia-Pacific region and is fourth in the global market.