LCT Chairman's Son Sentenced to Suspended Prison Term Again in Appeal for 3.2 Billion Won Fraud

The son of Lee Youngbok, chairman of Cheongan Construction, who was accused of fraudulently obtaining tens of billions of won by falsely promising the sales agency rights for the large-scale LCT mixed-use complex in Haeundae, Busan, was again sentenced to a suspended prison term in the appellate court.

Seoul Seocho-dong Courthouse exterior. Photo by Kang Jinhyung

On the 24th, the Seoul High Court's Criminal Division 13 (Presiding Judge Baek Kangjin) sentenced Mr. Lee, who was indicted on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), to three years in prison with four years of probation, the same as the first trial. The court also ordered 200 hours of community service.

Mr. Lee was indicted for borrowing 3.2 billion won from the victim in June 2020 by falsely promising exclusive LCT sales agency rights and failing to repay the money.

The court stated, "According to the victim's testimony, the defendant was believed to have the real power to control the directors and to be able to transfer commercial facilities or grant exclusive sales agency rights. This statement is supported not only by the victim's testimony but also by significant portions of the defendant's own testimony, as acknowledged in the original verdict."

The court further explained, "It is recognized as evidence that the victim believed the defendant would be able to accomplish certain things through his influence, and that the defendant himself emphasized having such abilities."

Lee Youngbok, known as the actual owner of LCT, was arrested and indicted in November 2016 on charges of embezzling company funds while running the development company and bribing influential political and government figures. He was sentenced to six years in prison by the Supreme Court and was released in 2022.

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