Main Suspect in 'Yeongpung Paper Stock Manipulation' Caught Attempting Illegal Departure, Waives Detention Hearing

Lee, who has been identified as the main culprit in the Youngpoong Paper stock manipulation scandal, waived his pre-trial detention hearing on the 29th.

According to the Seoul Southern District Court, Lee's lawyer submitted a letter of absence to the court on the day. Originally, Lee's hearing was scheduled to be held at 10:30 a.m. under the presiding of Judge Yoo Hwan-woo, the warrant-specialized chief judge of the Seoul Southern District Court.

Defendants accused of participating in stock price manipulation of Youngpoong Paper are appearing at the Seoul Southern District Court in October last year.
[Image source=Yonhap News]

With Lee waiving his attendance at the warrant hearing, the court will decide whether to issue the warrant through a written review based on the evidence submitted by the prosecution.

Earlier, the Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Ha Dong-woo) filed a detention warrant request against Lee on charges of violating the Capital Markets Act. Lee is accused of manipulating the stock price of Youngpoong Paper a total of 38,875 times (equivalent to approximately 35.97 million shares) together with a group involved in stock manipulation since early last year, gaining an unfair profit worth about 278.9 billion won.

As the prosecution's investigation tightened, Lee fled around October last year but was caught on the 26th while attempting to stow away to Vietnam by sea from Jeju Island.

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