LG Ga Jangnyeo Couple Accused of Using Insider Information... Deny Charges at First Trial

"It's Not Undisclosed Information"

The eldest daughter and her husband of the late Koo Bon-moo, former chairman of LG Group, who were indicted for making stock trading profits using undisclosed information, denied all charges at their first trial.

The Criminal Division 13 of the Seoul Southern District Court (Presiding Judge Kim Sang-yeon) held the first trial on the morning of the 15th for Koo Yeon-kyung, CEO of LG Welfare Foundation, and her husband Yoon Kwan, CEO of Blue Run Ventures (BRV), who are accused of violating the Capital Markets and Financial Investment Business Act.

The prosecution alleges that CEO Koo received advance information from her husband, CEO Yoon, regarding a paid-in capital increase investment worth 50 billion KRW in Medyion Co., Ltd., purchased stocks worth about 600 million KRW, and gained illegal profits exceeding 100 million KRW.

At the trial, CEO Yoon’s defense attorney stated, "CEO Yoon did not provide CEO Koo with any undisclosed material information nor did he facilitate stock trading based on such information. The undisclosed information in question was finalized and formed at the BRV Investment Review Committee on April 17, 2023, so CEO Koo cannot be considered to have used undisclosed material information."

CEO Koo’s defense attorney also said, "CEO Koo did not receive information about Medyion’s paid-in capital increase from CEO Yoon nor did she invest based on any investment proposal as alleged in the indictment. The timing of the creation of the undisclosed material information aligns with the opinion of CEO Yoon’s defense attorney, and we will provide further statements during the trial process and submit detailed opinions in a written statement."

The next trial for them is scheduled for 2 p.m. on May 29.

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