[Exclusive] Lengthy Trial... Co-conspirators in Youngpoong Paper Stock Manipulation Released One After Another

Southern District Court Grants Bail to Persons Involved in Youngpoong Paper Case
Deposit Set at 100 Million KRW, Residence Restrictions, No Contact with Witnesses Allowed

Co-defendants in the 'Yeongpung Paper Stock Manipulation Scandal,' who were arrested and indicted for pocketing unfair gains amounting to 661.6 billion KRW, have been released on bail one after another.

According to the legal community on the 17th, the Seoul Southern District Court Criminal Division 12 (Chief Judge Dang Woojeung) granted bail on the 15th to four individuals, including organization member Yoon, in connection with the Yeongpung Paper stock manipulation charges. The bail conditions are the same for all: a deposit of 100 million KRW, residence restrictions, prohibition of contact with witnesses, and electronic monitoring.

The group involved in stock price manipulation of Youngpoong Paper appeared at the Seoul Southern District Court in Yangcheon-gu, Seoul, last October. (Photo by Yonhap News)

They were the first defendants to be arrested and indicted immediately after the Yeongpung Paper stock manipulation scandal broke out in November last year. In particular, Yoon is the brother-in-law of Lee, who was identified as the mastermind of the stock manipulation group, and is accused of participating in the stock manipulation from the early stages of the case. The other three were key accomplices responsible for stock trading or managing funds. However, as the trial process dragged on, they were all released on bail about two weeks before the expiration of the maximum six-month detention period for the first trial on December 2.

Some victims of this stock manipulation scandal submitted petitions to the court opposing their release on bail. However, the presiding judge stated at the bail hearing on the 12th, "Since there are no additional indictments, once the six-month detention period is reached, they must be released unconditionally," adding, "At an appropriate time, bail decisions must be made." The judge also added, "Please understand that releasing them on bail with electronic monitoring actually reduces the risk of flight compared to release due to expiration of the detention period."

So far, a total of 12 people have been arrested and indicted in connection with the Yeongpung Paper scandal. Among them, the driver Jung, who was indicted for aiding and abetting the criminals, had his case separated and was sentenced to 10 months in prison with a two-year probation on the 5th. Of the remaining 11, four were released on bail this time, and three other defendants, whose detention periods are set to expire at the end of next month, have also applied for bail. Except for the main culprit Lee, who was indicted in February this year, all accomplices are approaching the expiration of their detention periods within about two months, so unless additional indictments are made, all are expected to be released.

Although the trial was expected to accelerate after the main culprit Lee, who fled immediately after the incident, was arrested and indicted in February, the process has effectively stalled due to procedural delays. Lee’s side has not yet presented their position on the prosecution’s charges, citing evidence submission procedures, despite two months having passed since the indictment. The next hearing is scheduled for the 17th of next month.