Successfully obtaining not-guilty verdict in criminal lawsuit over bid-rigging in insurance tender issued by Korea Land and Housing Corporation.

Lee & Ko successfully represented Samsung Fire & Marine Insurance, Korea’s leading non-life insurance company, in a case involving allegations of collusion among several major domestic insurers in bids for comprehensive property and fire insurance commissioned by Korea Land & Housing Corporation in 2017~2018. Lee & Ko achieved a complete acquittal for the client before the court of first instance.

This case involved: (1) several of the insurance companies that participated in the bids voluntarily reporting the alleged collusion to the Korea Fair Trade Commission (“KFTC”); (2) KFTC determining that collusion had occurred based on these voluntary reports and its own investigations, and subsequently imposing sanctions; and (3) the prosecution conducting a further investigation, relying on the voluntary reports and the KFTC’s findings, which ultimately led to indictments. There was substantial testimony and related evidence from the voluntary reporters that appeared to support the existence of collusion.

Lee & Ko conducted a meticulous analysis of the relevant legal principles, thoroughly reviewed the evidence, and proactively cross-examined witnesses to impeach all testimony and evidence suggesting the existence of collusion. At the same time, Lee & Ko provided clear and persuasive explanations regarding the structure and unique aspects of insurance bidding, as well as the circumstances at the time, actively arguing that there was no collusion as alleged by the prosecution and that the circumstances and statements cited as evidence could be fully explained without presuming collusion. The court held intensive hearings over more than two years and ultimately accepted the majority of Lee & Ko’s arguments, finding that there was insufficient evidence to establish the alleged collusion and delivering a complete acquittal. This case is significant in that, despite voluntary reports admitting to collusion and a range of related statements and court testimony, the court concluded that collusion was not proven and returned a not-guilty verdict. The outcome is regarded as a testament to Lee & Ko’s strong expertise and capabilities.