Kim Gane founder Kim Yong-man referred to prosecutors over alleged embezzlement of company funds

Kim Yong-man, founder and chairman of Korean noodle franchise Kim Gane, has been referred to prosecutors on charges of embezzling hundreds of millions of won in company funds.

Seoul's Seongbuk Police Station forwarded Kim to prosecutors on June 15 on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes, according to Yonhap News Agency.

Kim is accused of diverting approximately 600 million won ($390,000) in company funds for personal use between January 2023 and the following year.

The police investigation found that Kim had intercepted incentive payments and transaction fees that food ingredient processors and interior contractors paid to Kim Gane's headquarters, using the money for personal purposes.

Separately from the embezzlement allegations, Kim was indicted on charges of attempted quasi-rape — allegedly attempting to sexually assault an intoxicated female employee — and was sentenced in May to three years in prison, suspended for five years.