[Asia Economy Reporter Choi Seok-jin] Lee Woo-seok, CEO of Kolon Life Science (63), who was arrested and indicted on suspicion surrounding the osteoarthritis gene therapy drug Invossa-K, has been released on bail and will stand trial while not in custody.
The Seoul Central District Court Criminal Division 24 (Presiding Judge So Byung-seok) approved the bail requested by CEO Lee with several conditions, including residence restrictions.
The bail conditions set by the court include ▲ residence restriction ▲ appearing at the designated time and place when summoned ▲ not fleeing or tampering with evidence ▲ obtaining prior court approval before leaving the country ▲ refraining from any behavior that could influence the trial by contacting witnesses who have already testified, been selected, or could be selected as witnesses in this case, either directly or via phone, messenger, or email, either by the defendant or anyone requested by the defendant. Additionally, a bail bond of 200 million KRW was required.
CEO Lee was prosecuted on charges of violating the Pharmaceutical Affairs Act for manufacturing and selling Invossa with a 'kidney-derived cell' component, which differed from the approved 'chondrocyte' component granted by the Ministry of Food and Drug Safety from November 2017 to March last year.
Furthermore, CEO Lee faces charges of obstruction of official duties by submitting false documents to the Ministry of Food and Drug Safety to obtain approval, and fraud for embezzling billions of KRW through false and exaggerated advertising regarding the efficacy of Invossa's second component.
The prosecution continued its investigation after reapplying for an arrest warrant last year and detaining CEO Lee.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
