Former ShillaJen CEO Acquitted in 'Insider Information Use' Allegations

[Asia Economy Reporter Heo Kyung-jun] Shin Hyun-pil, former CEO of SillaJen, who was prosecuted for selling stocks ahead of the announcement of the futility evaluation of the immuno-oncology drug 'Pexa-Vec' and avoiding losses worth tens of billions of won, has been acquitted.

The Supreme Court's First Division (Presiding Justice No Tae-ak) announced on the 2nd that it upheld the lower court's verdict of not guilty for Shin, who was indicted for violating the Capital Markets and Financial Investment Business Act.

Shin was prosecuted on charges of selling 160,000 shares he held for 8.7 billion won after learning in advance of the negative evaluation results of the Phase 3 clinical trial targeting liver cancer for Pexa-Vec, an immuno-oncology drug developed by SillaJen, thereby avoiding losses worth approximately 6.4 billion won.

The first and second trials acquitted Shin, finding the prosecution's evidence insufficient to prove the crime. They judged that the evidence presented by the prosecution did not sufficiently demonstrate that undisclosed information predicting a negative interim analysis result for Pexa-Vec had been generated.

The Supreme Court also agreed with the lower courts' judgment.

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