Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Instagram Outage Disrupts Thousands of U.S. Users 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
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
