Bail Hearing Scheduled for 11 a.m. on the 13th
Accused of Gaining 36.9 Billion Won in Illicit Profits
First Formal Trial Set for the 31st of This Month
The bail hearing (conditional release with a security deposit) for Lee Iljun, chairman of Sambutogeon, and former CEO Lee Eunggeun, who have been indicted and detained on charges of stock manipulation involving Sambutogeon, will be held on the 13th.
According to the legal community on October 5, the 34th Criminal Division of the Seoul Central District Court (Presiding Judge Han Sungjin) has scheduled the bail hearing for both individuals at 11 a.m. on the 13th.
The two were detained on July 18 on charges of manipulating Sambutogeon's stock price and were indicted on August 1. This is also the first indictment brought by the Minjungki Special Prosecutor's Team, which is investigating allegations related to First Lady Kim Gunhee, since its formation.
Lee Iljun, chairman of Sambutogeon, who was investigated by the Minjungki Special Prosecutor's Team investigating allegations related to First Lady Kim Gunhee on suspicion of stock manipulation, is leaving the courtroom after completing the detention hearing (warrant review) at the Seoul Central District Court on the 17th. Photo by Yonhap News.
The two are accused of deceiving investors in May and June 2023 by making it appear that Sambutogeon was actively pursuing reconstruction projects in Ukraine, artificially inflating the stock price, and then selling their holdings to gain a total of 36.9 billion won in illicit profits.
Classified as a Ukraine reconstruction stock, Sambutogeon's share price, which was in the 1,000-won range in May of that year, soared to as high as 5,500 won during trading two months later.
The special prosecutor's team believes that, taking advantage of the Ukraine Reconstruction Forum held in Poland in May 2023, the two distributed press releases claiming to have signed various work agreements with local governments, thereby misleading investors into believing the company was pursuing reconstruction projects.
After completing the third pretrial hearing, the first formal trial for the two is scheduled for the 31st of this month.
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