Aggregated News
According to Hani, a South Korean newspaper, RNL Bio’s CEO, Dr. Jeong Chan Ra (also known as Ra Jeong-Chan), was last month arrested on charges of insider trading. (Thanks to Dersu na Amure for bringing this article to my attention.) Seoul’s Southern District Prosecutors’ Office filed the charges against Dr. Ra. Ra was arrested for allegedly using “non-public information to buy and sell stocks for capital appreciation.” Ra reportedly profited by using undisclosed corporate information to make a five billion won profit ($4,450,298 U.S. dollars) from the sale of 4,730,000 shares. A shell corporation located in Hong Kong was allegedly used to conduct insider trading and conceal the transactions from securities regulators.
Prosecutors are also reportedly investigating possible improprieties in the transfer of funds related to RNL Bio’s business operations in the United States. RNL Bio licensed its stem cell technology to Texas-based Celltex Therapeutics in 2011. RNL Bio reportedly received an initial $30 million payment as a result of that licensing agreement. Investigators are examining how RNL Bio reported these earnings in financial statements.
Hani also reports that...
Prosecutors are also reportedly investigating possible improprieties in the transfer of funds related to RNL Bio’s business operations in the United States. RNL Bio licensed its stem cell technology to Texas-based Celltex Therapeutics in 2011. RNL Bio reportedly received an initial $30 million payment as a result of that licensing agreement. Investigators are examining how RNL Bio reported these earnings in financial statements.
Hani also reports that...