Former Hyundai AutoEver CEO Seo Jeong-sik Acquitted in First Trial on Charges of Accepting Illicit Payments from Partner Firms

[Financial News] Former Hyundai AutoEver CEO Seo Jeong-sik, who was brought to trial on charges of receiving money and valuables along with improper requests from partner companies and others, has been found not guilty in the first-instance trial.
On the 12th, the 21st Criminal Division of the Seoul Central District Court (Presiding Judge Hyunbok Lee) acquitted former CEO Seo of charges including breach of trust and bribery and violations of the Financial Investment Services and Capital Markets Act (FSCMA).
The court held that prosecutors had collected evidence in violation of the law and found it difficult to accept the allegations in the indictment as proven.
The court stated, "The mere fact that former CEO Seo and his attorney were present during the forensic and selection procedures does not mean that their substantive right to participate was guaranteed," adding, "All of the evidence in question was collected unlawfully and is therefore inadmissible. With only the remaining evidence, there is insufficient basis to recognize the charges, and we have no choice but to render a not-guilty verdict on all counts."
The court also found Seo not guilty not only of the other breach of trust and bribery charges, but also of the alleged violations of the Act on External Audit of Stock Companies and the FSCMA. It viewed the money he received as corresponding to a fee for helping Spark & Associates be sold to KT. As a result, the other defendants who were tried alongside him on charges of giving money to Seo were likewise acquitted.
Seo was accused of receiving more than 800 million won in money and valuables between November 2018 and June 2023 from three individuals, including heads of partner companies, in return for improper favors such as maintaining business relationships and facilitating supply contracts.
Prosecutors uncovered Seo’s alleged breach of trust and bribery while investigating suspicions that KT Cloud, an affiliate of KT Group, had acquired the in-vehicle cloud company Spark & Associates (Open Cloud Lab) at an inflated price. Seo resigned in November 2023 after prosecutors executed a search and seizure at his premises.
theknight@fnnews.com Jeong Kyung-su Reporter