Supreme Court Delivers Final Verdict on Future Asset Subsidiaries’ Golf Course Support Case
The Supreme Court is set to issue its final ruling on the 25th regarding allegations of improper support for a golf course operated by a group chairman. The case involves two Future Asset subsidiaries, Future Asset Management and Future Asset Life Insurance, which face charges for violating fair trade and fair competition laws.
Allegations of Unfair Benefits
The core of the prosecution’s case centers on transactions totaling approximately 24 billion won between January 2015 and December 2016. During this period, the two subsidiaries allegedly prioritized the use of Blue Mountain CC, a golf course located in Hongcheon-gun, Gangwon Province. This prioritization is understood to have benefited the golf course, in which Park Hyun-joo, the chairman of the Future Asset Group, held a controlling stake of 91.86%.
Initial Summary Disposition and Subsequent Appeal
Initially, prosecutors pursued a summary disposition for the two companies. This legal procedure allows for the imposition of fines or penalties without a full trial, based on written submissions. In April 2022, the court issued summary orders for fines of 30 million won to each company. However, both companies contested these orders, opting for a formal trial.
Acquittal in Lower Courts
Both the first and second trials resulted in acquittals for the Future Asset subsidiaries. The appellate court’s decision highlighted that the evidence presented by the prosecution did not conclusively prove, beyond reasonable doubt, that the Future Asset subsidiaries intended to provide undue benefits to the golf course through these transactions.
Golf Course Name Change
It is worth noting that Blue Mountain CC was renamed Siegoood CC in 2020, coinciding with the opening of the Siegoood Resort.
