Chairman Lee Young-bok's Son in 'LCT Scandal' Sued for Fraud Involving 3 Billion KRW

[Asia Economy Reporter Lee Jung-yoon] It has been confirmed that Lee Mo (49), the son of Lee Young-bok, a key figure in the lobby allegations of Busan Haeundae LCT (LCT), is under police investigation after being accused of fraud.

According to the police on the 8th, the Gangnam Police Station in Seoul is investigating a case in which Lee was accused of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (fraud). The accuser submitted a complaint to the Seoul Central District Prosecutors' Office in December last year, and the case was transferred to the Gangnam Police Station.

The accuser claimed that in June last year, Lee promised to grant exclusive sales agency rights for commercial facilities owned by LCT private operator LCT PFV, where the accuser serves as vice president, in exchange for borrowing 3.2 billion KRW, with the agreement to be fulfilled by July of the same year. However, Lee allegedly did not obtain board approval and failed to keep this promise, nor did he repay the borrowed money.

The accuser also stated, "LCT PFV has already transferred the sales agency rights for LCT commercial facilities to a third-party company, and I learned that this company is secretly preparing for sales."

However, Lee is accused of hiding this fact and in November last year, wrote a memorandum to the accuser stating that he would transfer the exclusive sales agency rights or repay the loan and provide collateral by around December 1st or 10th, but he also failed to fulfill this.

A police official said, "We have recently completed investigations of both the accuser and the accused and are reviewing whether there is sufficient evidence of the charges."