'Gageodo Breakwater Project' Samsung C&T Former and Current Executives' Arrest Warrants Dismissed

[Asia Economy Reporter Hwang Seoyul] The arrest warrants for three Samsung C&T officials accused of embezzling over 10 billion KRW of national funds by inflating construction costs during the 'Gageodo Breakwater' project have all been dismissed.

On the 7th, Kwon Giman, the warrant judge at the Seoul Southern District Court, conducted pre-arrest detention hearings for two current and former Samsung C&T employees and one design supervisor the previous day, and dismissed all three arrest warrants.

The court stated that there was insufficient evidence to prove the criminal charges and that there were grounds for dispute, so it was necessary to allow the suspects to fully exercise their right to defense while not in detention. Considering the progress of the investigation, their attitude during the hearing, and their social ties, the court judged that the suspects were unlikely to destroy evidence or flee.

They are accused of embezzling approximately 10 billion KRW of national funds by inflating the construction budget during the construction of the breakwater in the Gageodo area, Jeonnam, commissioned by the Ministry of Oceans and Fisheries in 2013 to prevent typhoon damage.

Earlier, the Korea Coast Guard, which investigated this case, referred five Samsung C&T employees to the Seoul Southern District Prosecutors' Office in August 2020 on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and the prosecution raided the headquarters of Samsung C&T's construction division in Sangil-dong, Gangdong-gu, last November.

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