Kolon Honorary Chairman Lee Woong-yeol Faces Trial for Charges of …
Honorary Chairman Lee Woong-yeol recently attended the first trial of the Invossa Incident, where he was acquitted of charges related to manipulating the ingredients of Invossa-K, a treatment for osteoarthritis, and listing fraud. The Seoul Central District Court’s Criminal Department 24 acquitted Lee of seven charges, including violation of the Pharmaceutical Affairs Act, fraud, market manipulation, and breach of trust under the Capital Markets Act.
This verdict comes after four years and four months since Lee was indicted in July 2020. Prosecutors had initially sought a 10-year prison term for him. The accusations against Lee include manufacturing and selling a different component than what was approved by the Ministry of Food and Drug Safety. Additionally, Lee is suspected of attracting $10 million in equity investment by hiding the suspension of clinical trials by the U.S. Food and Drug Administration.
Furthermore, Lee faced charges of fraudulent transactions and market manipulation under the Capital Markets Act for falsely disclosing information about Invossa. He was also accused of breach of trust for providing stock options to clinical doctors during the clinical process of Invossa.
It’s essential to stay informed about these developments in the finance and securities industry to understand how these legal matters can impact the market and investor sentiment. Stay tuned for more updates on this case and its implications.
