Former VIK CEO Lee Cheol Denies Charges of 41.1 Billion KRW Embezzlement

Lee Cheol, former CEO of Value Invest Korea (VIK), who was additionally indicted on charges of embezzlement amounting to 41.1 billion KRW, denied all charges at his first trial.

On the 16th, the Criminal Division 13 of the Seoul Southern District Court (Presiding Judge Myung Jae-kwon) held the first trial of former CEO Lee Cheol, who is accused of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement). Lee’s side acknowledged the facts but denied all charges, stating there was no intent regarding the embezzlement.

Lee is accused of causing damage to the victim company by transferring a total of 41.15 billion KRW in company funds, collected by deceiving tens of thousands of investors from May 2014 to July 2015, under the pretext of loans not to Company A but to the representative of Company A.

Lee’s attorney stated, "I will resign after this hearing," and added, "It would be helpful if the next hearing is scheduled with ample time to review the evidence."

When the court inquired about the appointment of a private attorney, Lee said he did not have the financial means to hire one. He expressed concerns, saying, "Given the significance of the case, I feel uneasy entrusting it to a public defender. I will try to take some measures, but I cannot give a definite answer."

The court said, "Whether to have a private attorney is up to the defendant, but this cannot delay the investigation," and added, "If the attorney resigns after this hearing, a public defender will be appointed." The court further stated, "We will allow sufficient time for the defendant to decide on private counsel and prepare, but there will be no further delays."

The next trial is scheduled to be held around 10 a.m. on the 28th of next month.

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