SSANGBANGWOOL announced on the 21st that on the 17th, former SSANGBANGWOOL Group Chairman Kim Sung-tae intends to feel moral responsibility and plans to repay the entire amount of approximately 325.95 million won, which was acknowledged as damage in the first trial conviction, to the appellate court through his attorney.
SSANGBANGWOOL's stock transaction was suspended following the prosecution's investigation results revealing Kim's embezzlement and breach of trust on July 6, 2023.
Later, on the 17th, SSANGBANGWOOL received repayment of the entire amount acknowledged as damage in the guilty verdict from the Suwon District Court in July of last year, which amounted to approximately 325.95 million won.
Former Chairman Kim Sung-tae said, "I am truly sorry for the concern and damage caused to the employees due to my erroneous judgment," adding, "I feel a heavy moral responsibility as the former CEO regarding the stock transaction suspension."
Previously, SSANGBANGWOOL employees submitted a petition to the court requesting an opportunity for Kim to repent for past wrongdoings and to fulfill his pledge. The second trial on the case is currently ongoing at the Suwon High Court.
Lee Hyung-seok, CEO of SSANGBANGWOOL, stated, "We plan to submit a request for non-prosecution to the court through our attorney as we have recovered from the damages due to a smooth settlement with the former chairman," and added, "Going forward, we will uphold the law and social ethics as a public enterprise through monitoring and accountability to prevent such occurrences."