Mirae Asset affiliates indicted on charges of unjustly funneling work to a golf course operated by the group owner's family were acquitted on appeal after being found not guilty in the first trial.
The Seoul Central District Court Criminal Appeals Division 8-3 (Presiding Judges Choi Jin-suk, Cha Seung-hwan and Choi Hae-il) on the 24th dismissed the prosecution's appeal and found Mirae Asset Global Investments and Mirae Asset Life Insurance, indicted for violating the Fair Trade Act, not guilty. The first trial also returned a not-guilty verdict.
The court said, "Based only on the evidence submitted by the prosecutor, it cannot be deemed proven beyond a reasonable doubt that the Mirae Asset affiliates sought to attribute undue gains to related parties through the golf course transaction."
From Jan. 2015 to Dec. 2016, the two companies were summarily indicted on charges of setting a principle to use a golf course operated by Mirae Asset Consulting, in which group owner family members including Mirae Asset Group Chairman Park Hyeon-ju held 91.86% equity, and executing transactions totaling about 24 billion won to steer work to the owner family.
Summary indictment is a procedure in which the prosecution petitions the court to impose fines or penalties through a paper-only review.
Accepting the prosecution's petition, the court issued a summary order in Apr. 2022 imposing a fine of 30 million won on the two companies. However, the affiliates objected to the summary order and requested a formal trial.
On Jan., the first trial court said, "It is recognized that, as a result of the affiliates' golf course transaction, sales occurred at Mirae Asset Consulting and contributed to the value of equity held by related parties, thereby resulting in gains being attributed," but added, "Given the circumstances under which Mirae Asset Consulting came to operate the golf course, it is difficult to view the mere fact that sales occurred through transactions with the defendants as an intent to attribute undue gains."
The first trial court also said, "Based only on the evidence submitted by the prosecutor, it is difficult to conclude beyond a reasonable doubt that undue gains were attributed to related parties through the golf course transaction, or that such a possibility was recognized and tolerated."