Chairman of KCC Chung Mong-jin sent to official trial for 'omitting the borrowed-name company'

Seoul [South Korea], April 1 (ANI/Global Economic): Chairman of KCC Chung Mong-jin, who is accused of omitting the information of the borrowed-name company in reports to the Fair Trade Commission, has been sent to a formal trial.
According to the legal community on Wednesday, Judge Eun-sang Yang, the senior judge at the Seoul Central District Court Criminal Division 18, accused Chung of violating the law on proprietary regulations and fair trade. Chairman Chung, who was charged with a summary order of 100 million won, was handed over to the trial.
The summary order is a procedure in which penalties such as fines, charges and confiscation are imposed without a formal trial if the charges are relatively light.
If the prosecution deems that a hearing is necessary on a case that has been summarily indicted, the court will hand it over to the trial under its authority.
When a formal trial is held, the court will determine whether or not to pronounce him guilty and rule out a sentence after an investigation of evidence and an open trial.
Chairman Chung is accused of omitting the information of nine suppliers with a 100 per cent stake under the borrowed-name company and under relatives' names while submitting data for the designation of conglomerates from 2016 to 2017. Due to the omission of data, KCC was excluded from the list of conglomerates where mutual investment is restricted.
The Fair Trade Commission reported that Chairman Chung was aware of the fact that he had submitted false data, and filed a complaint to the prosecution last month. In turn, the prosecution requested a summary order with a fine of 100 million won on April 4. (ANI/Global Economic)