Kim Seong-tae, the former chairman of Ssangbangwool Group, who was found guilty in the first trial for the Ssangbangwool North Korea remittance case and is currently undergoing an appeals trial, has asked the court to postpone the trial until after the results of the parliamentary investigation and special prosecutor’s inquiry are released.
On April 10, the 2nd Criminal Division of the Suwon High Court (Judges Kim Jong-woo, Park Kwang-seo, and Kim Min-ki) held a hearing for the appeal regarding charges of bribery and violations of the Foreign Exchange Transaction Act.
During the hearing, Kim’s attorney argued that the legitimacy of the investigation and indictment in this case is questionable. The lawyer stated that it believes the results of the parliamentary investigation and special prosecutor’s inquiry will inevitably impact the case against the defendant, either partially or fully.
In response, the court said that it’s not appropriate to make a decision at this moment, but if the defense presents their arguments in an organized manner, it will consider them.
Additionally, the court rejected the prosecution’s request to merge the cases on that day.
Previously, Kim was arrested and indicted for allegedly sending 8 million USD to North Korea, violating the Foreign Exchange Transaction Act. In July 2024, he received a sentence of 2 years and 6 months in prison for this violation and 1 year in prison with a 2-year probation for violating the Political Fund Act in the first trial. He is currently appealing these verdicts.
Following the first trial verdict, prosecutors added bribery charges against Kim related to the Ssangbangwool North Korea remittance. They alleged it was a third-party bribery scheme benefiting then-Gyeonggi Province Governor Lee Jae-myung, who is now President.
The 11th Criminal Division of the Suwon District Court, which reviewed this case, dismissed the charges against Kim in February, citing double jeopardy.
In response, prosecutors appealed and requested the appeals court to merge the cases. They also filed a motion to amend the indictment to include the bribery charges in the appeals trial.
The court denied the merger request, explaining that the dismissed bribery case had not undergone a substantive review to determine guilt or innocence and may need to be reconsidered.
Regarding the addition of bribery charges, the court reserved judgment, citing the need for further review.
After the hearing, Kim told reporters that the parliamentary investigation shows that they are repeating exactly what the special prosecutor’s office under the previous Yoon Suk Yeol administration did. He added that the Financial Supervisory Service chairman lied during the investigation, claiming that Ssangbangwool manipulated stock prices. How can someone who burned 80% of their own shares manipulate stock prices?
The next hearing is scheduled for May 29 at 2:00 p.m. (Korean time)
Meanwhile, the National Assembly is conducting a 50-day parliamentary investigation into alleged manipulated indictments by prosecutors during the Yoon administration. Led by the ruling party, the investigation runs from March 20 to May 8.