Input 2021.02.03 12:10
On the morning of the morning of the 3rd, the 12th Division of the Criminal Agreement of the Seoul Southern District Law (Judge Sang-Yong Oh) held a sentence for Mr. Lee and others. The court sentenced Mr. Lee, who led the stock price manipulation, to 12 years in prison and a fine of 180 billion won, and 10 accomplices indicted together with 1 to 7 years in prison and a fine of 1 to 90 billion, respectively. The other one was found acquitted.
The judge said, “The defendants created a false appearance as if they were attracting investment through issuance of large amounts of convertible bonds (CBs) and capital increase after taking a listed company with no capital.” The stock price was boosted and unfair gains were acquired.”
According to the prosecution, Lee and others are alleged to unfairly acquire 8.3 billion won by manipulating the stock price after acquiring and merging (M&A) Smo Materials through Paper Company from July 2017 to March 2018 (Capital Market Act). Violation) was handed over to trial. Smo Materials is an auto parts company listed on the KOSDAQ.
In the process, there are also charges of omission of the disclosure of reports on large stock holdings (changes). Lime was found to have invested more than 10 billion won in the company by purchasing convertible bonds issued by ESMO.