Construction company defrauded 91.1 billion won... moral hazard of solar power generation reaches this level (Korea)

In South Korea, a solar power plant construction company has been put on trial for defrauding 91.1 billion won (about 8.2 billion yen) by falsifying documents and making it appear as if construction was proceeding as usual.
On the 11th, the First Financial Investigation Division of the Seoul Southern District Prosecutors' Office indicted the representative of a solar power plant construction company,
The prosecution announced that a certain Mr. Chang (44) has been indicted without bond. According to the prosecution, between June 2020 and December 2021, Mr. Chang falsely reported the progress of construction work and filed for supervision review.
He is accused of borrowing 91.18 billion won from a solar fund management company by forging prospectus documents and other methods, and of defrauding the company by withdrawing 8.078 billion won of the company's funds.
He is also suspected of using the money for personal purposes, such as purchasing virtual assets. Taking advantage of the fact that he received half of the construction cost as an advance, Mr. Chang recklessly expanded his business and increased his sales.
The investigation revealed that when his financial situation worsened due to the COVID-19 pandemic and a lawsuit filed by residents living near the construction site to cancel the construction of the solar power plant, he used the advance payment to cover business rights development costs and financing expenses.
, and was allegedly embezzling company funds.