이 기사는 2021년 09월 09일 08:08 thebell 에 표출된 기사입니다.

The International Chamber of Commerce (ICC)’s ruling on a dispute between Shin Chang-jae, the chairman of Kyobo Life Insurance, and its financial investors is likely to have an impact on an ongoing criminal case against the investor group and its accountants.

South Korean prosecutors earlier this year indicted officials from the investor group led by Affinity Equity Partners and three accountants at Deloitte Anjin for allegedly mispricing shares subject to put options included in the shareholder agreement between Shin and the investors. The first trial was held on August 20 and the second trial is scheduled for Friday.

The focus of the legal battle is on whether the investor group conspired with the accounting firm during the process of valuing the stock. The prosecutors argued in the first trial that the defendants conspired to wrongfully inflate the price of shares subject to the put options. They also argued that additional compensation was promised in exchange.

However, lawyers for the defendants countered that there are no sufficient grounds to justify the prosecution’s indictment and that all the charges are not true.

The ICC arbitration court’s decision on Monday could have an impact on ongoing proceedings, probably in favor of the investor group, industry watchers said.

The Paris-based court confirmed in its ruling that Deloitte Anjin carried out the valuation of the insurer’s shares independently after evaluating evidence provided by Shin, rejecting his claim against the investor group and the accounting firm.

The arbitration court also confirmed that Deloitte Anjin acted as an accountable and independent institution during the process of valuing the stock and preparing the relevant report.

The ICC ruling has the same effect as a verdict from the country’s highest court. “The ICC’s decision means that based on the presumption of innocence, there should be more than the basis of the prosecution’s case to judge guilt,” a source close to the matter said.

However, it remains to be seen whether the tide will turn in favor of the investor group because the prosecutors are said to have secured a large number of evidence to support their claims.

Several individuals appointed by the prosecution and Shin will also appear in court as witnesses in the second trial scheduled to begin later this week. (Reporting by Ha-na Suh and Min-young Kim)