Prosecutors Close Investigation, No Charges Against Naver's Lee Hae-jin for 'Subsidiary Omission'... Investigation Concluded (Comprehensive)

[Asia Economy Reporter Seongpil Cho] The prosecution has dismissed charges against Lee Hae-jin (53), Naver's Global Investment Officer (GIO), who was accused of omitting affiliate reports.

According to the prosecution on the 23rd, the Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Min-hyung Kim) dismissed the charges against GIO Lee, who was accused of violating the Monopoly Regulation and Fair Trade Act.

The prosecution judged that it was difficult to recognize intentionality on the part of the suspect and the personnel responsible for submitting false designated materials.

The Korea Fair Trade Commission (KFTC) accused GIO Lee last month, claiming that 20 affiliates were omitted from the designated materials submitted in 2015.

Designated materials are data received annually by the KFTC from the same person in charge of each corporate group (the head or actual controller of a corporate group) for the purpose of designating publicly disclosed corporate groups, including information on affiliates, relatives, executives, and shareholders.

The omitted companies include Jium LLC, wholly owned by GIO Lee; Hwaeum Co., Ltd., 50% owned by his fourth-degree relative; YTN Plus Co., Ltd. and Line Friends Co., Ltd., directly invested by Naver; and 16 companies owned by executives of a nonprofit corporation established with 100% investment by Naver.

The KFTC judged that there was intentionality because companies owned by GIO Lee himself or close relatives were omitted and personal seals were affixed on the designated material confirmation documents, leading to the decision to file charges.

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