Sanghoon Shin and Baeksun Lee Acquitted Again in 2nd Trial for Perjury in 'Namsan 300 Million Won' Case

Former Shin Sang-hoon, ex-president of Shinhan Financial Group, and Lee Baek-soon, former president of Shinhan Bank, who were prosecuted for giving false testimony in a past illegal slush fund case trial, were acquitted again in the appellate court.

Former Shinhan Financial Group Chairman Shin Sang-hoon (left) and former Shinhan Bank President Lee Baek-soon, who were indicted on charges including embezzlement related to an internal corruption scandal at Shinhan Financial Group, are entering the Seoul Central District Court in Seocho-dong on January 16, 2013.
[Image source=Yonhap News]

On the afternoon of the 25th, the Seoul Central District Court Criminal Appeals Division 1-2 (Presiding Judges Kim Soo-kyung, Kim Hyung-jak, Lim Jae-hoon) acquitted former President Shin and former President Lee of perjury charges, just as in the first trial.

The court stated, "Co-defendants whose trial procedures are separated can serve as witnesses regarding other charges, but their status as defendants continues concerning questions related to their own criminal acts. Since this status takes precedence over that of a witness, they cannot be punished for perjury," dismissing the prosecutor's appeal. This means that questions about their own charges as accomplices should recognize their status as 'defendants,' who can refuse to testify under the Constitution and Criminal Procedure Act, rather than as 'witnesses' subject to perjury punishment under criminal law.

The two are accused of giving false testimony during cross-examination of each other while on trial for embezzling about 260 million won of Shinhan Bank funds in connection with the past 'Namsan 300 million won' case.

Former President Shin and former President Lee were each sentenced in 2017 to a fine of 20 million won and imprisonment for 1 year and 6 months, respectively, for the Namsan 300 million won case, but this time they faced trial for perjury. The Namsan 300 million won case involves allegations that shortly after the 17th presidential election, former President Lee, under the direction of former Shinhan Financial Group Chairman Ra Eung-chan, created illegal slush funds and in February 2008 gave 30 million won as a congratulatory gift to the then-President Lee Myung-bak's side.

The first trial ruled that the cross-examination of these individuals was itself unlawful, so regardless of whether the testimony was false, the perjury charge could not be established. The principle is that co-defendants in an accomplice relationship cannot serve as witnesses against each other.

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