The father-in-law of singer Lee Seung-gi, who was indicted and detained on charges of taking part in stock manipulation by a renewable energy company listed on the Kosdaq, was released under a court decision granting bail (release with conditions such as a security deposit). Lee will now stand trial without detention.
According to the court on the 24th, the Seoul Southern District Court Criminal Agreement Division 15 (Presiding Judge Yang Hwan-seung) granted on the 22nd the bail request of Mr. Lee (58), who had been indicted and detained on charges including violating the Capital Markets Act.
The court ordered a deposit of 100 million won and imposed residential restrictions, while requiring Lee to submit a written pledge not to destroy evidence or leave the country without permission. Conditions also included appearing when summoned and a ban on contacting parties related to the case.
Lee and associates are accused of inflating stock prices by deceiving investors that three Kosdaq-listed companies were pursuing "pearl" (a favorable new business line to bolster share prices) using advanced technology, thereby reaping an unlawful gain totaling about 14 billion won.
Regarding QUANTAPIA, a renewable energy company, they are also alleged to have further inflated the stock price by methods such as disclosing a false investment commitment letter stating that "an investment worth about 100 billion won has been finalized," siphoning off an additional slightly over 6 billion won.
In this process, when trading of QUANTAPIA was suspended in February last year, Lee allegedly violated the Attorney-at-Law Act by receiving a 30 million won retainer from former prosecution investigator A (59), who said he would resolve the matter, and promising a success fee of 1 billion won.