BI nabs South Korean wanted for economic crimes

The Bureau of Immigration has apprehended a South Korean businessman wanted by authorities in Seoul for economic crimes.

According to the BI on Thursday, a warrant of arrest was issued for 54-year-old Ahn Youngyong by the Seoul Eastern District Court on April 1, 2024, for violating the prohibition on marketing disturbances.

He was arrested by BI agents on June 23 at Ninoy Aquino International Airport Terminal 1 as he was about to board a flight to Shanghai, China.

"He was not allowed to leave and was instead arrested after his name prompted a hit in our derogatory check system indicating that he is a wanted fugitive in his country,” said BI Commissioner Norman Tansingco.

Ahn allegedly disseminated false information on capital investment, joint development and sales of immune-anti-cancer drugs, and the completion of a technology transfer by a US bio-company in 2018, causing the stock price to rise, which allowed the manufacturer to gain almost $44 million in profit.

The South Korean was brought to the BI detention facility in Taguig City while awaiting deportation. —Jiselle Anne Casucian/VBL, GMA Integrated News