A trial for the former head of Ssangbangwool Group accused of remitting eight million dollars to North Korea began on Thursday without the defendant present.
The Suwon District Court held the preparatory hearing for Kim Seong-tae on charges of violating the foreign exchange transaction law, the political funds law, bribery, embezzlement and breach of trust.
Thursday’s hearing will be followed by a second on March 9 as the prosecution has not yet completed the transfer of discovery materials to Kim’s legal team amid ongoing probes into his accomplices.
Kim is accused of transferring five million dollars to Pyongyang in 2019 on behalf of Gyeonggi Province to finance a smart farm project in the regime, with an additional three million dollars allegedly sent to cover a trip to the North by main opposition Democratic Party leader Lee Jae-myung, who was Gyeonggi governor at the time.
The prosecution suspects that the payments were made in exchange for assurances from the provincial government of business favors and support for the domestic underwear maker in future collaborative projects with North Korea.
The ex-Ssangbangwool chief is also suspected of handing over 330 million won in illicit political funds, including 260 million won in bribes, to former Gyeonggi Vice Governor Lee Hwa-young between 2018 and 2022.