Court Denies Bail Request of Lee Sang-yeong, Chairman of Daewoo Industrial Development, in 100 Billion Won Accounting Fraud Case

[Image source=Yonhap News]

The bail request of Lee Sang-young, chairman of Daewoo Industrial Development, who was arrested and indicted on charges of accounting fraud worth around 100 billion won and embezzlement and breach of trust worth several billion won, was denied.

The Seoul Central District Court Criminal Division 34 (Presiding Judge Han Sung-jin) dismissed Lee's bail request on the 21st. The bail request of former CEO Han Jae-jun, who was also arrested and indicted, was also denied.

At the bail hearing held on the 7th, Lee's side appealed, stating, "A travel ban has already been imposed, so there is no risk of flight or evidence destruction," but the court did not accept this.

Lee and former CEO Han were brought to trial on September 14 last year on charges of committing accounting fraud from 2017 to 2021 by underestimating bad debt provisions worth approximately 143.8 billion won related to construction payment receivables.

They are also accused of obtaining loans totaling 47 billion won from seven financial institutions using falsified financial statements prepared and disclosed through accounting fraud, and of privately misappropriating 81.2 billion won of company funds.

As the investigation intensified, Lee is also under investigation by the Corruption Investigation Office for High-ranking Officials for allegedly promising to give 300 million won to Police Superintendent Kim, who was working at the Gangwon Provincial Police Agency in June 2022, to suppress the investigation, and handing over 120 million won.

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