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Former Taekwang Group chairman Lee Ho-jin was briefly indicted for hiding under-named stocks when submitting data on the status of shareholders to the Fair Trade Commission.
According to law enforcement officials on the 10th, the Fair Trade Investigation Department of the Seoul Central District Prosecutor’s Office briefly prosecuted former Chairman Lee on charges of violating the Capital Market and Financial Investment Business Act, and the Monopoly Regulation and Fair Trade Act on the 4th.
Summarized prosecution is a procedure in which the prosecution does not conduct a formal criminal trial for a case where the charges are relatively light, and requests that a fine, fine, confiscation, etc. be imposed by a summary order.
Earlier, the Fair Trade Commission requested that former chairman Lee submit data on the status of shareholders to designate a conglomerate group (business group restricted by mutual investment) from 2016 to 2018.
According to data at the time, the share of the entire family including former chairman Lee was 26%. As a result, the Taekwang Group was excluded from the company subject to the regulation of private interest fraud.
However, after that, the FTC decided that the former chairman Lee did not list the nominated shares he actually owned in the same person column of the company, but instead put them in the relatives, executives, and other columns. Including the borrowed shares, the stake increased to 39%.
In 1996, former chairman Lee is said to have inherited the nominated shares from the late Chairman Lee Im-yong, his father and the founder of the group. In 1997 and 2017, some of them were converted to real names, but as of 2019, it was found that 151,338 shares of Taekwang Industries and 9,489 shares of Daehan Chemical remained under the name.
The Fair Trade Commission accused the prosecution of former chairman Lee Ho-jin, who recognized the existence of the borrowed stock from the time of inheritance and actually owned it, and that the incident occurred under the malicious motive of owning and managing the borrowed stock.
/ Reporter Jo Kwon-hyung [email protected]
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