First Appeal Trial for Kyobo Life Insurance Value Assessment False Reporting...Prosecution: "Evidence is Clear"

[Asia Economy Reporter Changhwan Lee] In the first appeal trial of certified public accountant A from Samdeok Accounting Firm, who was convicted for fabricating that he directly performed work without evaluating Kyobo Life Insurance's corporate value, the prosecution emphasized that clear illegal acts were confirmed.

At the first appeal trial held on the 27th at the Seoul Central District Court Criminal Division 1-3, the prosecution argued, "The defendant denies the crime despite clear evidence."

In the first trial, the prosecution stated the charges directly, saying, "The incidental economic damage caused by the defendant's illegal acts is enormous," and requested, "Please impose a one-year prison sentence, as the appeal was filed on the grounds of inappropriate sentencing."

Certified public accountant A from Samdeok Accounting Firm, who was indicted for violating the Certified Public Accountant Act, was sentenced to four months in prison with a one-year probation in the first trial.

He is accused of falsifying the corporate value evaluation report received during the process of Apalma Capital, a financial investor (FI) holding Kyobo Life Insurance shares, exercising a put option (the right to sell shares at a certain price).

At that time, the court ruled guilty, stating, "He betrayed professional ethics and damaged trust," and "He maliciously intervened despite knowing the evaluation report would have a serious impact on economic interests."

The appeal court confirmed the defendant's position on the charges and summarized the issues on the day.

Regarding the defendant's claim that "the victim's statement cannot be used as evidence of guilt," the court said, "The first trial court rejected the same claim and recognized the evidential value," and added, "In other cases, the victim's representative is also authorized to make statements, so we will review this."

A Kyobo Life Insurance official stated, "We expect the facts to be clarified and the court to make a fair and wise judgment."

The second trial date for certified public accountant A from Samdeok Accounting Firm is scheduled for the 25th of next month.