'Not Guilty of Insider Trading' Former SillaJen CEO Shin Hyun-pil Receives 93 Million KRW Criminal Compensation

[Asia Economy Reporter Yoo Byung-don] Shin Hyun-pil, former CEO of SillaJen, who was acquitted after being prosecuted for selling stocks based on undisclosed information about the anticancer drug Pexavac, will receive criminal compensation.

On the 28th, the Seoul Southern District Court Criminal Division 14 (Chief Judge Kim Dong-hyun) announced that it had approved Shin's claim for criminal compensation on the 7th. Accordingly, Shin will receive 93.42 million KRW as criminal compensation and cost reimbursement.

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

The first and second trials acquitted Shin, ruling that the prosecution did not sufficiently prove the crime. They judged that the evidence presented by the prosecution was insufficient to conclude that undisclosed information predicting a negative interim analysis result of Pexavac had been generated.

The Supreme Court also upheld the lower courts' judgment.

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