Korean court remands embezzlement case of former KT Corp CEO

By:
James Pearce
Published on:

Lee Suk-chae, convicted of embezzlement in May 2016, has had his case sent back to the Seoul High Court

The top court in South Korea has remanded the case of former KT Corp CEO Lee Suk-chae, sending it back to the Seoul High Court citing a lack of evidence.

Lee was convicted of embezzlement in May 2016 at an appeals court following accusations that he had created slush funds and embezzled money. He was sentenced to 18 months imprisonment, suspended for two years.

According to reports in the Korea Herald, the Supreme Court has now sent the case back to the Seoul court, saying it could not “rule out the possibility that the money was actually spent on running the company.”

Lee led KT Corp, Korea’s top fixed line provider and number two mobile carrier, from 2009 to 2013, but was indicted the following year on charges of causing financial losses worth around 10 billion won ($8.5 million).

Lee was acquitted of charges around alleged malpractice by both a district court and an appeals court, but the two had different rulings on the claims of embezzlement.