[THE INVESTOR] Nexon founder Kim Jung-ju has been found not guilty in an alleged bribery case involving a former senior prosecutor.
The Seoul Central District Court made the ruling in its first trial of the bribery case, saying that money he had offered to former senior prosecutor Jin Kyung-joon could not be considered as kickbacks in exchange for any favor.
The prosecution charged Kim in July without detention for offering 425 million won, as bribes, to Jin for purchasing then-unlisted shares of the online game company in 2005.
After the company went public in Tokyo in 2006, Jin exchanged the 10,000 unlisted shares with 8,500 shares of the Tokyo-headquartered firm.
Jin gained 12 billion won last year by selling the Nexon shares.
After being charged by the prosecutors, Kim stepped down from the board of directors at the company. The Nexon founder, however, remains the chairman of NXC, holding company of the online game firm.
By Kim Young-won (email@example.com)