Wanted Korean trader falls
Operatives from the Bureau of Immigration (BI) arrested a South Korean businessman who is wanted in Seoul, South Korea at the Ninoy Aquino International Airport (NAIA) last 23 June.
Reports said that the Korean was wanted in his home country for alleged stock market manipulation.
BI commissioner Norman Tansingco identified the arrested passenger as Ahn YongYong, who was attempting to board a Philippine Airlines flight to Shanghai, China, when he was flagged by the agency’s derogatory check system.
“Ahn’s name matched a record in our system indicating he is a wanted fugitive in South Korea,” Tansingco said. “He was denied departure and placed under immediate custody.”
Tansingco commended the BI officer and supervisors involved for their vigilance in verifying Ahn’s identity and matching it with the watchlist entry.
According to BI records, Ahn was previously flagged for deportation due to an undesirable status stemming from criminal charges in Korea and the Korean embassy in Manila informed BI of an arrest warrant issued by the Seoul Eastern District Court on 1 April 2024, for violating the country’s ban on selling disturbances.
The term “selling disturbances” refers to the deliberate spread of false or misleading information to manipulate a market, causing significant price fluctuations.
Korean authorities alleged that Ahn engaged in this practice between February and September 2018 by disseminating false information related to capital investment, partnerships, and development of an anti-cancer medication.
The actions reportedly caused the stock price of the drug to surge dramatically, enabling its manufacturer to gain illegal profits exceeding 63.1 billion won (approximately US$44 million).
Ahn is currently detained at the BI Warden Facility in Camp Bagong, Taguig City, while awaiting deportation proceedings.