Kolon Honorary Chairman Lee Woong-yeol Faces Trial for Alleged Charges

Honorary Chairman Lee Woong-yeol of Kolon found himself in the spotlight recently as he attended the first trial related to the Invossa Incident. The Seoul Central District Court’s Criminal Department 24, headed by Chief Judge Choi Kyung-seo, delivered a verdict of acquittal for Lee on seven charges, including violations of the Pharmaceutical Affairs Act and market manipulation.

It’s been over four years since Lee was indicted back in July 2020, with prosecutors initially seeking a 10-year prison sentence. The charges stem from allegations that Lee manipulated the ingredients of Invossa-K, a treatment for osteoarthritis, and engaged in listing fraud. Specifically, Lee is accused of producing and selling a component different from the approved contents, as well as misleading investors about the product’s true nature.

Despite facing serious allegations, Lee was acquitted of most charges in the first trial. The case involves a complex web of accusations, including fraudulent transactions, market manipulation, and breach of trust under the Capital Markets Act. The trial also touches on the issue of borrowed-name stocks, with Lee being acquitted of violating the Real Name Financial Law in connection to these stocks.

Throughout the legal process, the details of the case have raised eyebrows. From allegations of attracting substantial investment by concealing information to accusations about false disclosures leading to market manipulation, the trial has been closely watched by both the public and investors in the market.

In conclusion, while the first trial resulted in Lee’s acquittal on most charges, the complexities of the case and the seriousness of the accusations will continue to be scrutinized as the legal proceedings progress. Stay tuned for further developments in this high-profile case as it unfolds.