'221.5 Billion Won Embezzlement' Former Ostem Finance Team Leader and Prosecution Both Appeal 1st Trial (Comprehensive)

[Asia Economy Reporter Hwang Seoyul] Amid the sentencing of former Osstem Implant finance team leader Lee Mo (45) to 35 years in prison for embezzling 221.5 billion won of company funds, both the defendant and the prosecution have appealed the first trial verdict.

Lee Mo, who is accused of embezzling 221.5 billion KRW of company funds from Osstem Implant, is being transferred to the prosecution on the 14th at Gangseo Police Station in Seoul. Photo by Kang Jin-hyung aymsdream@

According to the Seoul Southern District Prosecutors' Office on the 17th, the prosecution submitted an appeal to the Seoul Southern District Court Criminal Division 14 (Chief Judge Kim Donghyun), which handled the case. Lee’s wife, Park, and Lee himself also submitted appeals on the previous day and the same day, respectively.

The prosecution stated, “Despite embezzling 221.5 billion won and causing significant damage to the company and shareholders, the amount of 80 billion won is irrecoverable due to stock investment losses. Additionally, the family conspired to conceal approximately 80 billion won worth of criminal proceeds through purchasing gold bars, real estate, and resort memberships. Considering that they deny the concealment crimes and show no remorse, we appealed to seek a heavier sentence.”

Earlier, on the 11th, the court sentenced former finance team leader Lee, who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement), to 35 years in prison, a fine of 30 million won, and confiscation of 115.1 billion won. The court sentenced his wife Park, indicted for violating the Act on the Regulation and Punishment of Criminal Proceeds Concealment, to 3 years in prison, and Lee’s sister-in-law and younger sister to 2 years in prison each with a 3-year probation. However, Park was not detained in court considering her young children and the need to support her mother-in-law.

The court explained the sentencing for Lee by stating, “The crime was committed boldly over a long period, which reflects the serious nature of the offense,” and “The concealment and storage of criminal proceeds in various forms made damage recovery difficult and caused significant obstacles and costs to the legitimate exercise of state penal authority.”

It further added, “There are signs that the defendant calculated to secure assets even if punished and to enjoy benefits by utilizing assets after release,” and “This was intended to prevent the enjoyment of criminal profits after release.”

Lee, while serving as Osstem Implant’s finance team leader, was arrested and indicted in January last year on charges of transferring 221.5 billion won in 15 installments from company accounts containing company funds to his personal securities account from November 2020 to October of the following year, and using it for stock investments and other purposes.

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