Fair Trade Commission Files Criminal Complaint Against Former Taekwang Group Chairman Lee Hojin for Holding Stocks Under False Names

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Fair Trade Commission announced on the 3rd that it has decided to file a complaint with the prosecution against former Taekwang Group Chairman Lee Hojin on charges of submitting false designated materials.

The Fair Trade Commission requested former Chairman Lee to submit shareholder status data for designation as a large business group (mutual shareholding restricted business group) from 2016 to 2018. Former Chairman Lee did not list the nominee shares he effectively owned under the same person in the company section but recorded them under relatives, executives, and others.

In 1996, former Chairman Lee inherited nominee shares from his late father and group founder, the late Chairman Lee Imyong, and converted some of them to real-name shares in 1997 and 2017. However, as of 2019, it was revealed that 151,338 nominee shares remained.

The Fair Trade Commission concluded that former Chairman Lee was aware of and effectively owned the nominee shares from the time of inheritance, and that the incident occurred with malicious intent related to the ownership and management of the nominee shares, leading to the decision to file a complaint with the prosecution.

A Fair Trade Commission official stated, "The respondent was highly likely to be aware of the illegal act, and the seriousness of the violation is considerable," adding, "The complaint guidelines meet the criteria for filing, making the complaint against the respondent appropriate."

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