Court: "Prolonged Trial of Kwon Oh-soo for 'Stock Manipulation' Makes Release Inevitable"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The court presiding over the trial of Kwon Oh-soo, chairman of Doich Motors, who was indicted and detained on charges of stock price manipulation, hinted at the possibility of holding the trial without detention after his release.

The Criminal Division 23 of the Seoul Central District Court (Chief Judge Jo Byung-gu) stated on the 1st during the trial of Chairman Kwon and others, who were indicted and detained on charges of violating the Capital Markets and Financial Investment Business Act (Capital Markets Act), that "It is inevitable to release the detained defendants and proceed with the trial without detention at an appropriate time."

They added, "There are defendants disputing the charges, and the prosecution has requested 60 to 70 witnesses. It is difficult to hold trials daily or conduct concentrated hearings, especially due to COVID-19, making it hard to complete the trial within the detention period."

One member of the court recently tested positive for COVID-19, so this trial session was held for the first time in three weeks. However, even this session saw the absence of Lee Mo, a co-defendant of Chairman Kwon, due to health reasons.

The court further noted, "The prosecution has submitted a statement regarding the bail application," and added, "We will also consider the prosecution's opinion on the conditions related to bail."

Under the Criminal Procedure Act, the maximum detention period for a defendant is set at six months per trial level. The period can only be extended in exceptional cases, such as when an arrest warrant is issued for additional charges. Chairman Kwon was indicted on one count of violating the Capital Markets Act, making an extension of the detention period impossible.

Chairman Kwon was indicted and detained on October 26 last year, and his detention period is expected to expire around the end of this month. He applied for bail to the court on the 25th of last month.

Meanwhile, Chairman Kwon is on trial for allegedly conspiring with stock price manipulation 'players,' 'boutique' investment advisory firms, and securities company executives and employees from December 2009 to December 2012, using 157 accounts under 91 names to artificially inflate the stock price of Doich Motors.

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