Prosecutors Indict LS Group's Founding Family... LS "Will Diligently Explain"

[Asia Economy Reporter Dongwoo Lee] On the 4th, the prosecution collectively indicted three chairmen of LS Group without detention on charges of unfairly supporting by funneling work to a toll corporation. LS Group stated, "We will sincerely explain the parts where there are differences in position with the Fair Trade Commission and the prosecution through the ongoing administrative lawsuit and future criminal trials."

LS Group denied the charges, saying, "The case prosecuted by the prosecution today was reported by the Fair Trade Commission in 2018," and added, "LS Global was established in 2005 to stably supply the group's major raw material, electric copper, and to enhance the competitiveness of the copper industry at the national level, and has been trading at normal prices."

The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office indicted LS Mtron Chairman Koo Ja-eun, LS Nikko Dongjeon Chairman Koo Ja-hong, and LS Cable Chairman Koo Ja-yeop without detention on charges of unfairly supporting by funneling approximately 21 trillion won worth of electric copper work over 14 years after establishing the toll collection corporation LS Global.

The prosecution also indicted LS Nikko Dongjeon CEO Do Seok-gu, LS Cable CEO Myung Noh-hyun, and LS Cable Manager Park Mo without detention on the same charges, and also indicted the corporations LS Co., Ltd., LS Nikko Dongjeon, and LS Cable.

Earlier, in June 2018, the Fair Trade Commission imposed corrective orders and fines totaling 25.96 billion won on LS Group affiliates for violating the Fair Trade Act and reported six people including the three chairmen to the prosecution.

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