'Edison Kang Young-kwon, Chairman of Ssangyong Motor, Denies Charges in First Trial Over Alleged Embezzlement'

Tension Over Copying Investigation Records
Future Court Battles Inevitable

[Asia Economy Reporter Hwang Seoyul] Kang Young-kwon, chairman of Edison Motors, who is accused of stock price manipulation, denied the charges at his first trial. As Kang's side denied the prosecution's allegations, a legal battle in court became inevitable.

At the first hearing of the case held on the 22nd at the Seoul Southern District Court Criminal Division 11 (Presiding Judge Sung Bo-gi), Kang's side stated, "Due to the delay in reviewing the investigation records, we have not been able to fully examine the prosecution's allegations," and added, "We currently deny the charges." Three executives of Edison Motors, who were indicted alongside Kang on charges including violation of the Capital Markets Act, admitted to some of the charges.

On the same day, the prosecution and Kang's side engaged in a tense exchange during the procedure to set the trial dates for the upcoming full hearing. When the court indicated its intention to hold the second hearing next month, Kang's side argued, "The prosecution's indictment alone amounts to about 28,000 pages," and "We cannot even start copying the indictment by then." In response, the prosecution countered, "The issues are not that complicated," and "We will cooperate to enable copying as soon as possible, and two days should be sufficient."

The court sided with the prosecution's opinion. The court stated, "The prosecution's allegations are not that extensive." It also urged the prosecution, "Please hand over the investigation records to Kang's side by the end of the year." The court set the second hearing date for the 26th of next month.

Previously, Kang and others were brought to trial on charges of manipulating stock prices and obtaining unfair profits of 162.1 billion KRW by acquiring Edison EV (now Smart Solutions), a KOSDAQ-listed company that was the funding channel for Edison Motors, without capital, and then fabricating plans to acquire Ssangyong Motor and raise funds.

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