Former CEO Lee Eung-geun, who was indicted and detained on charges of manipulating Sambu Construction Co. stock, is set to be released after the court granted bail.
The Seoul Central District Court Criminal Agreement Division 34 (Presiding Judge Han Seong-jin) said on the 8th that it granted bail requested by the former CEO, who was put on trial on charges of violating the Financial Investment Services and Capital Markets Act.
After a bail request in Oct. last year was denied, the former CEO filed again on the 22nd of last month. The court ordered a 30 million won bond as a bail condition. It also attached conditions that, after release, the person's residence will be restricted and the person must appear at the designated time when summoned by the court.
Prior approval from the court is required before leaving the country, and contacting related parties such as references and witnesses who gave statements during the investigation was also prohibited.
The former CEO was detained on July 18 last year along with Chairman Lee Il-jun of Sambu Construction Co. and was indicted on Aug. 1. They are accused of misleading investors around May–June 2023 by making it appear that Sambu Construction Co. would push ahead in earnest with Ukraine reconstruction projects to inflate the stock price. It was found that they then sold their holdings and took an unlawful gain totaling 36.9 billion won.
The Sambu Construction Co. stock manipulation case is also the first indictment filed after the launch of the special counsel investigating allegations related to Kim Keon-hee. With bail granted for the former CEO, the courtroom battle with the special counsel team is expected to proceed without detention.