'Edison Kang Young-kwon, Chairman of Ssangyong Motor, Applies for Bail Amid Embezzlement Allegations'
Kang Young-kwon, chairman of Edison Motors, who is accused of manipulating stock prices to gain unfair profits by promoting the acquisition of Ssangyong Motor, has applied for bail.
According to the court on the 31st, the Criminal Division 13 of the Seoul Southern District Court (Chief Judge Myung Jae-kwon) conducted a bail hearing for Chairman Kang, who is charged with violating the Capital Markets Act, the day before.
It was confirmed that Chairman Kang applied for bail on the 24th.
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Chairman Kang and Edison Motors executives were prosecuted on charges of manipulating stock prices and obtaining unfair profits of 162.1 billion won by acquiring Edison EV (now Smart Solutions), a KOSDAQ-listed company that was a funding channel for Edison Motors, without capital, and then pretending to pursue the acquisition of Ssangyong Motor and funding.
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