[비즈한국] Biotech firm Genencell is under suspicion of lobbying Minister of Justice nominee Kim Seung-won through a broker. The individual acting as the broker, surnamed Yang, is a businessman who founded and served as CEO of a company called Gusta in 2014. Gusta was declared bankrupt by a court in 2023, and related proceedings are currently underway. Amidst this, it has been confirmed that Genencell has placed a provisional seizure on an office owned by Gusta in its capacity as a creditor. The fact that Genencell is a creditor of Gusta implies a financial relationship between the two companies. This revelation suggests that Yang and Genencell shared a business relationship rather than a simple acquaintance.
Genencell is suspected of having requested Minister of Justice nominee Kim Seung-won to expedite the approval of clinical trials during the development of a COVID-19 treatment in 2021. The individual appearing in this connection is Yang. It is reported that Yang acted as a broker who relayed Genencell's requests to nominee Kim. However, it was revealed that Genencell submitted false data during the clinical trial application process.
Recently, a photo of nominee Kim Seung-won, Yang, and an individual surnamed Jung—who was a warrant judge at the time—together has been released, sparking controversy. Nominee Kim explained, "I happened to run into Judge Jung and Yang at a private gathering around February 2022." However, independent lawmaker Han Dong-hoon refuted this on social media (SNS) by disclosing phone records between the nominee and Yang, stating, "It turns out the nominee did not run into Yang by chance at all."
According to BizHankook's investigation, Yang founded the company Gusta in 2014 and served as its CEO. Gusta manufactured and sold products such as feminine cleansers, sprays, and hand sanitizers under the brand "Inner Pink." However, the company was declared bankrupt by a court in December 2023.
Gusta's headquarters is located in Hanam, Gyeonggi-do. According to the real estate register, the office is still owned by Gusta. Although the company was declared bankrupt, the legal entity has not yet been dissolved as procedures such as debt repayment remain ongoing.
However, the office cannot be disposed of because multiple creditors have placed provisional seizures on it. Last June, at the request of a creditor, the court issued a decision to commence a voluntary auction on the office. There has been no change in ownership resulting from the auction yet.
A notable point is that Genencell is among the creditors that have placed a provisional seizure on Gusta's office. Following Genencell's request, the court issued the provisional seizure decision for the office in December 2023.
This means that Genencell had lent funds to Gusta. There was a financial relationship between Yang's company, Gusta, and Genencell. According to a Sisa Journal report, Genencell also acquired 600 million won worth of Gusta's convertible bonds (CB) in December 2021.
If Genencell attracted investments under the pretext of developing a COVID-19 treatment as suspected by the public, then Gusta, the company belonging to the broker Yang, also has a broad financial connection to the situation. However, while Genencell remains in normal operation at this time, Gusta has been declared bankrupt. Given that Genencell placed a provisional seizure on Gusta’s office, it appears the company is attempting to recover its claims against Gusta.
BizHankook attempted to reach Genencell via phone to request a statement regarding these matters, but was unable to make contact.