'Ssangyongcha Meoktwi' 162.1 Billion KRW Profit Group Denies Charges in First Trial

[Asia Economy Reporter Hwang Seoyul] Defendants accused of providing false information and manipulating stock prices to gain unfair profits of 2 billion to 6 billion KRW each during Edison Motors' attempt to acquire Ssangyong Motor denied the charges at their first trial.

On the morning of the 9th, at the Seoul Southern District Court Criminal Division 11 (Presiding Judge Sung Bogyi), all six defendants denied the charges in a trial concerning violations of the Capital Markets and Financial Investment Services Act.

Six individuals, including former advisor A of an asset management firm, are accused of providing false information suggesting large-scale funding was possible during Edison Motors' acquisition process of Ssangyong Motor from May 2021 to March last year, despite the fact that final payment could not be made until the contract with Ssangyong Motor was completed.

They are also charged with inflating the stock price of EdisonEV, a KOSDAQ-listed affiliate of Edison Motors, to gain approximately 162.1 billion KRW in market price differences. It is reported that each defendant obtained unfair profits ranging from 2 billion to 6 billion KRW.

Their next trial is scheduled for 11 a.m. on the 26th.

Meanwhile, Kang Youngkwon, chairman of Edison Motors, who is also accused of manipulating stock prices with them, denied charges including violations of the Capital Markets Act at the first hearing held on December 22 last year. Three executives indicted alongside him admitted to some of the charges.

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