Prosecutors Summarily Indict Former Hoban Construction Chairman Kim Sang-yeol for Deliberate Omission of Family Company Data

[Asia Economy Reporter Heo Kyung-jun] Former Hoban Construction Chairman Kim Sang-yeol has been prosecuted for submitting false documents to be designated as a large business group.

The Seoul Central District Prosecutors' Office Fair Trade Investigation Division (Chief Prosecutor Lee Jeong-seop) filed a summary indictment against former Hoban Construction Chairman Kim Sang-yeol on the 19th for violating the Monopoly Regulation and Fair Trade Act (Fair Trade Act).

Kim is accused of deliberately omitting 13 companies owned by relatives and two relatives including his son-in-law and brother-in-law when submitting documents for designation as a large business group to the Fair Trade Commission from 2017 to 2020.

The prosecution determined that Kim submitted false documents to the Fair Trade Commission, which requires submission of materials such as affiliated companies, relatives, executives, shareholders of affiliated companies, non-profit organizations, and audit reports for designation as a large business group.

Earlier, in March this year, the Fair Trade Commission reported Kim to the prosecution, stating, "Despite the need to actively review designation materials, there was a significant possibility of awareness of the violation of the law as false designation materials were submitted four times between 2017 and 2020."

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