Koo Se-hyeon, the former head of Wellbiotech accused of manipulating the company’s stock price by spreading false information, will stand trial while out of custody.
According to the legal community on Tuesday, the Seoul Central District Court’s Criminal Division 32, led by Presiding Judge Ryu Kyung-jin, granted Koo’s request for bail the previous day as he faces a first-instance trial on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust) and the Capital Markets Act. The court’s reasons and bail conditions were not disclosed.
Prosecutors allege Koo, around May 2023, misled investors and drove up the stock price by distributing information claiming participation in Ukraine reconstruction projects and entry into the secondary battery business. He was indicted in custody in November last year.
In court, Koo’s side said it acknowledges the underlying facts but denied using false information to engage in unfair trading in the capital markets, arguing the information related to the Ukraine reconstruction and secondary battery businesses was not fabricated and had a real basis.
* This article has been translated by AI.
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