‘Embezzlement and Breach of Trust Charges’ Against Assemblyman Lee Sang-jik, Sentenced to 6 Years in Prison... Judicial Detention

The Court Points Out "Denying the Crime and Shifting Responsibility"

Assemblyman Lee Sang-jik, who was sentenced to six years in the first trial and detained in court on charges of violating the "Act on the Aggravated Punishment of Specific Economic Crimes."
Source: Assemblyman Lee Sang-jik's blog

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Lee Sang-jik, a member of the National Assembly (Jeonju-eul, Independent) who was indicted on charges of breach of trust and embezzlement related to Eastar Jet, was sentenced to imprisonment and detained in court in the first trial.

The 11th Criminal Division of Jeonju District Court (Chief Judge Kang Dong-won) sentenced Lee to 6 years on the 12th for violating the “Act on the Aggravated Punishment, etc. of Specific Economic Crimes,” revoked his bail, and detained him in court.

The court pointed out, “The defendant, as the de facto head controlling Eastar Jet and its affiliates, privatized the company, yet denies the crime and shifts the responsibility to subordinate employees.”

It added, “The defendant’s crime caused damages of about 7 billion KRW, and the damages have not been properly recovered. Considering the lack of remorse, bail is revoked and the defendant is detained in court.”

Lee was indicted for selling 5,242,000 shares of Eastar Jet stock worth approximately 54.4 billion KRW at a low price of about 10.5 billion KRW to Eastar Holdings, owned by his children, from November to December 2015, causing a loss of 43.9 billion KRW to Eastar Jet.

He is also accused of embezzling 5.36 billion KRW from Eastar Jet and its affiliates, which he effectively owned from July 2013 to May 2019, and using the funds for his daughter’s luxury car deposit, rental fees, insurance premiums, and overseas luxury shopping.

Additionally, from April 2016 to June 2019, he was indicted for causing 5.6 billion KRW in damages to affiliates by arbitrarily adjusting the value of bonds held by Eastar Jet affiliates and repaying debts early.

Although the prosecution indicted Lee for embezzlement and breach of trust amounting to 55.5 billion KRW, the court judged the crime amount to be about 7 billion KRW.

Lee was detained on April 28 last year on these charges but was released on bail on October 28 of the same year after 184 days.

If the first trial sentence against Lee is finalized, he will lose his position as a member of the National Assembly.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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