Three individuals, including Mr. Lee, the husband of broadcaster Yang Jung-won, and a former securities firm employee who were indicted on charges of manipulating the stock prices of a KOSDAQ-listed company, have been released following a court decision to grant bail.

The Seoul Southern District Court approved the bail request for Mr. Lee, who was indicted and detained on charges including violations of the Capital Markets Act, today (October 1).

The court stated, "We are granting the bail request as there are deemed to be sufficient grounds to permit bail."

Mr. Jeon, an employee at Daishin Securities, and Mr. Kim, a businessman who were indicted alongside him, were released on bail on August 28.

Consequently, the three individuals will stand trial without being detained.

During the bail hearing held on August 26, Mr. Lee pleaded, "My wife, a broadcaster, is currently facing severe public backlash. I have no other thoughts except for my wife. If you permit me to stand trial without detention, I will faithfully attend all court proceedings without missing any."

At the time, Mr. Lee's legal counsel argued, "The expiration date for Mr. Kim and Mr. Jeon's detention is expected to be earlier than Mr. Lee's. If only Mr. Lee remains detained, there is a concern that the defendants might contact others and share statements regarding Mr. Lee." Counsel added, "Since Mr. Lee's spouse is a celebrity and the trial is receiving significant attention with numerous reporters attending, it is hard to imagine him fleeing or failing to faithfully participate in the trial."


Mr. Jeon and Mr. Kim are accused of conspiring with Mr. Lee and others from December of the year before last to April of last year to trade shares of a KOSDAQ-listed company worth over 28.9 billion KRW, thereby driving up the stock price.

Prosecutors believe that Mr. Jeon, who worked at Daishin Securities for about 20 years, acted as a trader utilizing proxy accounts, while Mr. Kim served as the mastermind leading the crime, and that they gained illicit profits of over 1.4 billion KRW through these acts.

In Mr. Lee's case, he was also charged with offering bribes for allegedly providing entertainment and hospitality to police officers in an attempt to hush up the investigation into his wife, Yang Jung-won.

The next trial session will be held on October 19.

(Photo: Yonhap News)