[Exclusive] Three Detained Executives in KRW 670 Billion KEPCO Bid Collusion Case Released on Bail

Three Executives from Major Corporations to Stand Trial Without Detention

Executives and employees of major power equipment companies, who had been detained and indicted on charges of collusion in a power facility bid worth over 670 billion won ordered by Korea Electric Power Corporation, have all been released on bail as approved by the court.

According to the legal community on June 1, the 32nd Criminal Division of the Seoul Central District Court (Presiding Judge Ryu Kyungjin) granted the bail applications on May 29 for three major company officials—Executive Director A of Hyosung Heavy Industries, former Director B of LS Electric, and Manager C of HD Hyundai Electric—who had been under detention and trial on charges of violating the Monopoly Regulation and Fair Trade Act. On the same day, the prosecution submitted notices of the defendants' release to the court.

Yonhap News

These individuals applied for bail to the court on April 6. At the bail hearing held on May 6, they requested to stand trial without detention, citing the worsening health conditions of their family members and their own chronic illnesses. In contrast, the prosecution maintained its opposition to bail, arguing, "Given the scale and severity of the collusive crimes, the nature of the offense is serious, and since there has been no significant change in circumstances since their detention, their custody should be maintained." However, the court did not accept the prosecution's position.

The defendants are completely denying the charges, claiming in court that there was no intent to collude or that the prosecution's indictment lacks specificity.

They are accused of conspiring in advance to select the successful bidder and set the bid prices in 145 bids for gas-insulated switchgear (GIS) ordered by Korea Electric Power Corporation from 2015 to 2022, winning contracts worth a total of 677.6 billion won and unlawfully earning at least 160 billion won in profits.

The third hearing of this case is scheduled to be held on the 17th.

This content was produced with the assistance of AI translation services.