Cho Kuk's Cousin Says, "I Admit My Wrongdoing, But I Hope Not to Be Punished for Others' Crimes"

[Image source=Yonhap News]

[Asia Economy, reporter Cho Sungpil] Cho Beomdong, the cousin of former Justice Minister Cho Kuk, stated, "I hope I am not unfairly punished for crimes I did not commit."

On May 18, during a defendant interrogation at the Seoul Central District Court's Criminal Division 24 (Chief Judge So Byungseok), Cho admitted his guilt and expressed remorse, making this statement in court.

He said, "At the beginning of the investigation, I felt very wronged, but as time passed, I came to accept responsibility and reflect on my actions. I no longer feel unfairly treated."

In October last year, Cho was indicted and detained on charges including violations of the Capital Markets Act, embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, breach of trust, and instructing the concealment of evidence.

From February 2016, Cho effectively operated the private equity fund management company, Co-Link Private Equity (PE), in which the family of former Minister Cho Kuk had invested. The prosecution's indictment listed a total of 16 charges against him.

On this day, while admitting to some of the charges, Cho argued that too many charges had been unjustly attributed to him.

When his attorney asked, "Do you feel that other people involved in the case are shifting blame onto you or exaggerating your level of involvement?" Cho replied, "Yes."

He added, "While being questioned about Ikseong, I asked for a fair judgment of the facts, but seeing how the matter is being handled in court, I feel some aspects are lacking, which is frustrating. However, I trust the court will resolve this fairly."

During the trial, Cho's legal team denied 9 out of the 16 charges brought by the prosecution. Among these was the claim that the real operator of Co-Link PE was not Cho, but rather the Ikseong side.

Cho's expression of frustration regarding some of the charges on this day can be seen as a continuation of these previous arguments.

From Cho's perspective, if he can refute the prosecution's allegation that he was the actual operator of Co-Link PE, he could be cleared of several charges, including violations of the Capital Markets Act.

Cho also offered a similar explanation regarding the charge that, on August 27 last year, when prosecutors searched his residence, he contacted his father-in-law to move his computer elsewhere.

He stated, "At that time, Ikseong was operating and controlling Co-Link PE, so I did not consider it my crime."

One of the charges against Cho is that he embezzled 1.3 billion won from WFM, a secondary battery company acquired by Co-Link PE, and returned it to Professor Chung Kyungshim of Dongyang University, through the private equity fund, as an 'investment.'

Cho explained this charge as well, saying it was an action taken according to Ikseong's decision.

He said, "It was my wrongdoing, but I was in a situation where I needed to repay money borrowed from Professor Chung and others, and I acted based on Ikseong's opinion that settling the debt through Co-Link PE would not be a bad idea."

However, Cho fully admitted to the charge that on August 17 last year, when suspicions about the private equity fund arose, he instructed a Co-Link PE employee to "delete all related documents and files." He said, "I admit this and am reflecting on my actions."

Regarding the embezzlement of WFM funds, Cho also stated, "I naively believed that if WFM's anode materials business got on track, all problems would be resolved. Now, I am reflecting on my wrongdoing, and if I can make restitution after the trial, I will do my utmost for the rest of my life."

This content was produced with the assistance of AI translation services.