Prosecutors Request Arrest Warrant for Kim Seong-tae... Waives Warrant Hearing

[Asia Economy Reporter Kim Hyung-min] On the 19th, the prosecution filed an arrest warrant for Kim Seong-tae, former chairman of Ssangbangwool Group.

The Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) filed an arrest warrant with the court around 12:40 a.m. on charges of embezzlement and breach of trust against former Chairman Kim. Charges including violation of the Capital Markets Act (fraudulent unfair trading), suspicion of illegal remittance to North Korea (violation of the Foreign Exchange Transactions Act), bribery, and obstruction of justice were applied to former Chairman Kim. However, charges related to the suspicion of paying legal fees on behalf of Lee Jae-myung, leader of the Democratic Party of Korea, were not applied.

Former chairman Kim Seong-tae, the real owner of Ssangbangwool Group, who was arrested in Thailand during his life on the run abroad, is being escorted through Incheon International Airport on the morning of the 17th. Photo by Kang Jin-hyung aymsdream@

Former Chairman Kim will not attend the pre-arrest detention hearing (warrant substantive examination) scheduled at 2:30 p.m. at Suwon District Court on the same day. Kim's lawyer stated, "He had agreed to be investigated sincerely and gave up attending the warrant substantive examination as a sign of remorse." If the defendant does not attend the pre-arrest hearing, the warrant substantive examination will not be held. The judge in charge of warrants will decide whether to issue the warrant by reviewing only the records submitted by the prosecution without conducting the suspect interrogation procedure.

The court is expected to decide whether to issue the warrant as early as that night.

Meanwhile, the prosecution conducted investigations on former Chairman Kim for two days. On the day he was brought in, the 17th, the prosecution first investigated charges of embezzlement and breach of trust, and on the 18th, it is known that they questioned him on the remaining charges including bribery, illegal remittance to North Korea, and suspicion of paying legal fees on behalf of Lee Jae-myung.

Former Chairman Kim is accused of breach of trust and embezzlement amounting to approximately 450 billion KRW, violation of the Capital Markets Act including false disclosure of 20 billion KRW convertible bonds, remittance of 6.4 million USD to North Korea, bribery of 30 million KRW to Lee Hwa-young, former Deputy Governor of Gyeonggi Province, and suspicion of paying legal fees on behalf of Lee Jae-myung, leader of the Democratic Party of Korea.

The prosecution also filed an arrest warrant on the same day for Yang Seon-gil, current chairman who was arrested in Thailand along with former Chairman Kim, on charges of embezzlement and breach of trust.

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