Mr. Ra Deok-yeon, a key figure in the Soci?t? G?n?rale (SG) Securities stock crash incident, was released on bail on the 14th.
According to the legal community on the 14th, the Seoul Southern District Court Criminal Division 11 (Chief Judge Jeong Do-seong) granted bail ex officio to Mr. Ra and his accomplice Mr. Byeon Mo on the same day. The court set bail conditions for Mr. Ra, including a deposit of 200 million KRW, prohibition of contact with witnesses, and real-time location tracking (residence restriction). Mr. Byeon was also subjected to conditions including a deposit of 50 million KRW, prohibition of contact with witnesses, and residence restriction.
Mr. Ra Deok-yeon, a key figure in the stock price crash incident caused by Soci?t? G?n?rale (SG) Securities, is appearing in court last May. (Photo by Yonhap News)
Mr. Ra was approaching the expiration of his detention period at midnight on the 26th. In preparation for this, the prosecution filed a third indictment against the two last month on charges of violating the Act on the Aggravated Punishment of Specific Crimes (issuance of false tax invoices, etc.). The court held an additional detention warrant hearing for Mr. Ra and Mr. Byeon on the 9th, and considering that the first trial had already been ongoing for a year while they were in detention, and that a third extension of detention is highly unusual, the court appears to have granted bail ex officio. During the hearing, the defense counsel argued that Mr. Ra's right to defense was being seriously infringed.
Mr. Ra was arrested and indicted in May last year on charges of generating approximately 730.5 billion KRW in illicit profits by manipulating the stock prices of eight listed companies, including Daesung Holdings, through methods such as collusive trading from May 2019 to April last year.
The next trial for Mr. Ra and other defendants related to the SG incident is scheduled for the 23rd.
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