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Bugsmusic ex-CEO under questioning

The Seoul Central Prosecutors’ Office is investigating allegations that Gloworks chief executive Park Sung-hoon may have compromised the health of his firm with inappropriate corporate activities, police sources said on Monday.

Park is best known as the chief executive of online music provider Bugsmusic, which was transformed into a company developing natural resources called Gloworks.

Some of the charges suspected of Park may include inflating stock prices and appropriating company finances, those close to the matter said.

However, Gloworks and Park claim that company stocks were not artificially boosted, and that the firm has submitted the necessary documents supporting its claims.

Gloworks also pointed out that Park had been in the past acquitted on charges of appropriating loans taken out by his firm. Park, at the time, had been using the loans in efforts to keep the company afloat, Gloworks said.

In the meantime, trade of Gloworks stock has been suspended. Park was previously head of Bugsmusic, which he launched in 2000.

The website became hugely popular and was said to have rewrote the history of venture firms at a time when venture start-ups were just starting to regain their lost glory.

Park stepped down as CEO in September of 2007.

The company was later sold to Neowiz, and changed its name to Gloworks. Park soon gained shares in the firm to once again head the company in 2009.

Afterwards, Park changed stripes to become a resources developer and embarked on business projects in Mongolia and Kazakhstan. 

By Kim Ji-hyun (jemmie@heraldcorp.com)

<한글 요약>

벅스뮤직 박성훈 전 대표 주가조작 수사

서울중앙지검은 코스닥 해외 자원개발 업체 글로웍스의 박성훈 대표에 대해 주가 조작 및 횡령 혐의로 의혹을 수사중인 것으로 11일 알려졌다. 

박성훈 대표는 온라인 음악 사이트 벅스뮤직의 전 대표로 2000년 벅스뮤직을 창업해 벤처 성공신화를 이뤘으며 2007년 9월 대표이사직에서 물러났다. 이후 벅스뮤직은 자원개발 업체인 글로웍스로 탈바꿈하였고, 박 대표는 2009년 다시 대표이사 자리에 올랐다.

박대표는 글로웍스를 자원개발업체로 전환해 몽골 금광개발과 카자흐스탄 국민주택 보급사업을 추진해왔다. 

검찰은 박 대표가 2009년 사업을 추진하면서 허위 정보를 띄워 주가를 조작해 거액의 부당이익을 챙긴 것으로 보고 있다.
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