SPC Group Chairman Hur Young-in has been acquitted of charges related to gift tax evasion amounting to potentially 7.4 billion won ($5.57 million) through undervalued share transactions. He was accused of selling shares of Mildawon, a group-owned grain company, at below-market prices in 2012 to avoid paying gift taxes. The shares were transferred from SPC affiliates Shany and Paris Croissant to another affiliate, Samlip. Prosecutors argued that the transaction was intended to evade an annual gift tax of 800 million won, allowing Hur to save 7.4 billion won over the past 10 years. However, both the first trial and the appeals court dismissed the prosecution's case, citing insufficient evidence to prove that the share pricing constituted a breach of duty or embezzlement. SPC Group expressed relief at the ruling, stating that the misunderstandings regarding the facts have been cleared up and confirming that the Mildawon transaction was a measure aimed at improving the company's governance structure to benefit the company as a whole. Hur was acquitted in the first trial, and the appeals court also dismissed the prosecution's case, reportedly stating that it was difficult to conclude that the method used to evaluate the value of the Mildawon shares was illegal.