Prosecutors Request Arrest Warrant for Lawmaker Lee Sang-jik on Embezzlement and Breach of Trust Charges Related to Eastar Jet

[Asia Economy Reporter Baek Kyunghwan] The prosecution has requested an arrest warrant for independent lawmaker Lee Sang-jik, the founder of Eastar Jet.

On the 9th, the Criminal Division 3 of Jeonju District Prosecutors' Office (Chief Prosecutor Im Ilsu) announced that they have requested an arrest warrant for Lee on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust and embezzlement), embezzlement in the course of business, and violation of the Political Parties Act.

The prosecution's investigation into Lee began last year after the People Power Party's "Lee Sang-jik-Eastar Corruption Allegations Fact-Finding Special Committee" and the Eastar Jet labor union filed complaints against Lee and Eastar Jet executives. The investigation team previously indicted Lee's nephew, who is also a financial executive at Eastar Jet, on charges related to interference in Eastar Holdings' acquisition of Eastar Jet shares.

The investigation team believes that Lee was involved in the process at the end of 2015 when Eastar Jet group affiliates sold approximately 5.2 million shares of Eastar Jet stock, worth about 54 billion KRW, to a specific affiliate within the group at a low price of about 10 billion KRW, causing approximately 43 billion KRW in damages to the affiliate.

Meanwhile, the investigation team had continued a non-custodial investigation, including a private summons of Lee in February, but recently, after indicting Lee's nephew, they determined that it was necessary to detain Lee as well.

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