Former BNK Chairman Seong Se-hwan and Cheongan Construction Chairman Lee Young-bok Acquitted of Illegal Loan Charges in Haeundae 'LCT' Case

Busan High Court Criminal Division 2 Acquits Former Chairman Sung and 3 Executives of Breach of Trust on Appeal

Aerial view of LCT The Residence.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Former BNK Financial Group Chairman Sung Se-hwan and Lee Young-bok, chairman of Cheongan Construction and the actual owner of LCT, who were prosecuted for illegally lending money to LCT PFV, the developer of the ultra-high-rise building 'LCT' on Haeundae Beach in Busan, were both acquitted in the appellate trial.

The Criminal Division 2 of the Busan High Court (Presiding Judge Oh Hyun-gyu) on the 17th acquitted former Chairman Sung and four BNK Financial Group executives, as well as Chairman Lee, who were indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust).

Former Chairman Sung and four executives of Busan Bank were indicted for illegally lending 30 billion won to Chairman Lee in December 2015.

The court stated, "Although the defendants, including former Chairman Sung, are acknowledged to have made irregular loans, it is recognized that the loans were made to prevent additional damage to the bank caused by the suspension of LCT construction," and dismissed the prosecution's appeal.

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