Former VIK CEO Lee Cheol Acquitted in First Trial Over Choi Kyung-hwan's ShillaJen Investment Allegations

Former Deputy Prime Minister and Minister of Economy Choi Kyung-hwan and his associates were alleged to have invested 6.5 billion won in SillaJen, an accusation reported to a broadcasting company that led to a trial. Lee Cheol, former CEO of Value Invest Korea (VIK), who was prosecuted for this, was acquitted.

Choi Kyung-hwan, a member of the Liberty Korea Party suspected of receiving special activity funds from the National Intelligence Service, is entering the Seoul Central District Prosecutors' Office in Seocho-gu, Seoul on the 6th to undergo prosecution investigation. Photo by Kang Jin-hyung aymsdream@

On the 19th, Judge Noh Tae-heon of the Seoul Southern District Court Criminal Division 6 Single Judge Court acquitted Lee, who was charged with defamation by publication in the first trial.

The court stated, "The facts specified by the defendant are limited to having heard that 'former Deputy Prime Minister Choi Kyung-hwan invested in SillaJen convertible bonds (CB),' and it is difficult to find proof of the defendant's awareness of falsehood or intent to defame," adding, "Reporting that a person who served as a member of the National Assembly and as Minister of Economy and Finance and Deputy Prime Minister might have a collusive relationship is recognized as being in the public interest."

In April 2020, Lee stated in a written interview with MBC that "In 2014, former Minister of Economy and Finance Choi invested 500 million won in SillaJen convertible bonds, and his associates invested 6 billion won." Former Minister Choi completely denied the allegations and filed a lawsuit against Lee in January 2021.

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