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SPC Group's chairman, Hur Young In, has been declared innocent by the Seoul Central District Court for breach of trust and gift tax evasion charges. The court cleared him and two other executives: SPC Group's chief executive officer, Hwang Jae Bok, and former company representative, Cho Sang Ho.
According to The Korea Times, the head of the largest bakery company in South Korea was acquitted on Friday, Feb. 2. The court dismissed the earlier indictment of prosecutors that alleged the SPC Group deliberately sold shares of Mildawon Co. Ltd, the flour milling affiliate of SPC's Paris Croissant and Shany brands.
Stock Dumping Charge
The prosecutors claimed that the company sold the stocks for an undervalued price to increase SPC Samlip's business profit. This is an illegal activity that is also called stock dumping.
Samlip, Paris Croissant, and Shany are subsidiaries of the SPC Group. Samlip is the only publicly listed firm among these leading subsidiaries. In its decision, the court said Hur did not intend to engage in the unlawful acts the prosecutors alleged. It added that everything the chairman did was part of the SPC Group's legal business activities.
However, the court said that the alleged stock dumping of Mildawon's shares caused Hur to lose some money because he owned 100% of both Shany and Paris Croissant. The court explained that Hur also incurred huge losses and that the claims he sold the shares at a questionable price for profiteering made no sense.
Gift Tax Evasion and Breach of Trust
In addition to the stock dumping, the SPC Group chairman was also absolved from gift tax evasion and breach of trust charges. The acquittal happened at the first trial for Hur's stock dumping case.
The Seoul Central District Court judge said that Hur is not guilty of these crimes as the evidence to pin him down is insufficient. Meanwhile, Korea Joongang Daily reported that a second trial may still occur because the prosecution declared it would appeal the verdict.
Photo by: SPC Group Website
