Court Dismisses Charges Against Late Gu Jahong, First Chairman of LS... "Lack of Prosecution Authority"

Subsidiary Executives' Trial Continues

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] The court has decided to dismiss the indictment against the late Koo Jahong, the founding chairman of LS Group (former chairman of LS Nikko Copper), who was charged with violating the Fair Trade Act.

On the afternoon of the 22nd, the Criminal Division 34 of the Seoul Central District Court (Presiding Judge Kang Gyutae) announced that it had dismissed the indictment against Chairman Koo in the trial concerning allegations of Fair Trade Act violations involving the LS Group's founding family and related parties. Dismissal of indictment is a decision made when the conditions for prosecution are not met in a criminal trial, including cases where the defendant dies during the trial.

However, the trials of Koo Jayup, chairman of LS Cable & System, Koo Jaeun, chairman of LS Group, Do Seokgu, CEO of LS Nikko Copper, and Myung Nohyun, CEO of LS Cable & System, who were also indicted, will continue.

The prosecution alleges that LS Group and its founding family inserted LS Global into the trading of electric copper (the raw material for wires refined from copper ore) for about 14 years since 2006, receiving "pass-through fees" and thereby supporting work orders worth approximately 25.5 billion KRW.

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