'220 Billion Won Embezzlement and Breach of Trust' Choi Seonwon SK Networks Chairman's First Trial Today
[Asia Economy Reporter Kim Daehyun] The first trial of Choi Sun-won, chairman of SK Networks (68), who has been indicted on charges including embezzlement and breach of trust amounting to around 220 billion won, will be held on the 30th. Chairman Choi is the second son of the late Choi Jong-geon, founder of SK Group and chairman of Seongyeong Group, and is the cousin of Choi Tae-won, chairman of SK Group.
According to the legal community, the Seoul Central District Court Criminal Division 23 (Chief Judge Yoo Young-geun) will hold the first preparatory hearing for Chairman Choi, who was arrested and indicted on charges including embezzlement, breach of trust, fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, violations of the Capital Markets Act, the Real Name Financial Transactions and Confidentiality Act, and the Foreign Exchange Transactions Act, on the morning of the same day.
Unlike the trial date, the preparatory hearing does not require the defendant's attendance, so Chairman Choi is not expected to appear in court that day. The preparatory hearing is a procedure to listen to the prosecution's charges and organize the issues and evidence list before the full trial begins.
According to the prosecution, Chairman Choi is accused of embezzling and breaching trust of a total of 223.5 billion won from six affiliates including SK Networks and SKC, including lending 15.5 billion won without collateral from SK Telesys funds to his personal company A, which was promoting a private golf course development project, in 2009.
He was also indicted on charges of deceiving the New Growth Engine Fund into acquiring 27.5 billion won worth of bonds with warrants (BW) by pretending to participate in a paid-in capital increase with his personal funds during the issuance of BW by SK Telesys in 2012.
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Meanwhile, Chairman Choi is known to have formed a luxurious legal team consisting of about 20 members, including lawyer Moon Chan-seok, a former chief prosecutor, lawyer Ho Je-hoon, a former high court chief judge, and lawyer Wi Hyun-seok, a former district court chief judge.
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