Former VIK CEO Lee Cheol denies charges in first trial over Choi Kyung-hwan investment false report

"Choi Kyung-hwan Invested in SillaJen Under a Borrowed Name"
"This Was Not an Interview for Reporting Purposes"

[Asia Economy Reporter Yoo Byung-don] Lee Cheol, former CEO of Value Invest Korea (VIK), who was indicted on charges of reporting false allegations that former Deputy Prime Minister and Minister of Economy Choi Kyung-hwan and his associates invested in SillaJen to a broadcasting company, denied the charges in court.

At the trial held on the 4th under the presiding of Judge Kim Jin-chul of the Seoul Southern District Court Criminal Division 6, Lee's side stated, "Although he agreed to the MBC interview, it was not on the premise of a report," and "He denies the charges."

After the trial, the defense attorney told reporters, "We understand that former Deputy Prime Minister Choi and his surrounding group invested in SillaJen under a borrowed name at the time," adding, "This will be revealed through investment contracts and future witness examinations."

He continued, "If former Deputy Prime Minister Choi's investment is true, it is something that can be sufficiently disclosed to the media for the public interest," arguing that the defamation charges do not hold.

Earlier, MBC reported in April last year the claim by Lee that "In 2014, Choi Kyung-hwan, then Minister of Strategy and Finance, invested 500 million KRW in SillaJen convertible bonds, and his associates invested 6 billion KRW."

Former Deputy Prime Minister Choi filed a lawsuit against Lee and MBC officials, stating, "My reputation was damaged by fake news." The prosecution indicted Lee on charges of defamation by publication, while the other accused were not prosecuted due to lack of evidence.

Previously, Lee was sentenced to 12 years in prison by the Supreme Court in 2019 for raising 700 billion KRW from about 30,000 people through crowdfunding without financial authorities' approval over four years starting in 2011.

Additionally, while on trial, he was further indicted and convicted for attracting large-scale illegal investments again, increasing his sentence to 14 years and 6 months.

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