Specwatch, a civic group monitoring speculative capital, recently announced that it decided to file a complaint with the Seoul Central District Prosecutors' Office against NXC CEO Kim Jung-joo and Yoo Jung-hyun, who allegedly committed business malpractices while running the virtual currency exchange Cobit.
"NXC executives Kim and Yoo acquired Cobit for 96 billion won in September 2017, but NXC's book value for Corbit fell to 18.5 billion won in 2018 from 96.4 billion won in 2017, causing losses to the company as 77.9 billion won was disposed of in damages," the speculative capital monitoring center claimed.
The group said in a complaint, "It did not get approval from the Financial Services Commission, which is necessary to open or operate the financial investment product market, even though transactions of financial investment products are made through the Cobit, and this is a violation of the Capital Market Act."
"When Nexon Korea was able to receive tax breaks due to the relocation to Jeju, it intentionally evaded taxes by moving its subsidiary Neople to Jeju and transferring the overseas distribution rights for Dungeon & Fighter," it said.
The center earlier filed a complaint with the Seoul Central District Prosecutors' Office against Kim and NXC in February, claiming that Nexon's founder Kim allegedly committed a total of 1.566 trillion won in tax evasion, including the tax evasion of Neople.
