[비즈한국] Biotech firm Genencell is currently under suspicion of having lobbied Minister of Justice nominee Kim Seung-won through a broker. The individual identified 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 liquidation proceedings are 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, indicating that the connection between Yang and Genencell went beyond a simple personal acquaintance and involved business ties.
Genencell is suspected of having solicited Minister of Justice nominee Kim Seung-won to expedite the approval of clinical trials during the development of its COVID-19 treatment in 2021. This is where the aforementioned Mr. Yang enters the picture. It is reported that Yang acted as a broker who relayed Genencell’s requests to nominee Kim. However, it was found that Genencell submitted falsified documents during the clinical trial application process.
Recently, a photograph showing nominee Kim Seung-won, Mr. Yang, and a judge surnamed Jeong, who was in charge of warrant applications at the time, has been released, sparking controversy. Nominee Kim explained, "I happened to run into Judge Jeong and Mr. Yang at a private gathering around February 2022." However, Independent lawmaker Han Dong-hoon countered this on social media by releasing call records between the nominee and Yang, stating, "It turns out the nominee did not just happen to run into Mr. Yang at all."
According to BizHankook's investigation, Yang founded Gusta in 2014 and served as its CEO. Gusta manufactured and sold products such as feminine cleansers, sprays, and hand sanitizers under the brand name "Inner Pink." However, the company was declared bankrupt by a court in December 2023.
Gusta’s headquarters office 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, it has not yet been legally dissolved because procedures such as debt repayment remain pending.
However, the office cannot be sold as multiple creditors have placed provisional seizures on the property. In June of last year, a court issued a decision to commence a voluntary auction on the office at the request of a creditor. There has been no change in ownership resulting from an auction as of yet.
What is notable is that Genencell is among the creditors that have placed a provisional seizure on the Gusta office. In August 2021, Genencell had previously established a mortgage on the Gusta office with a maximum debt amount of 1.501 billion won. Subsequently, following Genencell's request, the court issued a decision to provisionally seize 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 report by Sisa Journal, Genencell also acquired 600 million won worth of convertible bonds (CB) issued by Gusta in December 2021.
If, as suspected by the public, Genencell attracted investment under the pretext of developing a COVID-19 treatment, then Yang's company, Gusta, also shares a financial link when viewed broadly. However, while Genencell currently remains an operating entity, Gusta has been declared bankrupt. Given that Genencell has placed a provisional seizure on the Gusta office, it appears the company is attempting to recover its debt from Gusta.
BizHankook attempted to contact Genencell via phone to obtain their position on the matter, but could not reach them.