Two Lime Investment Firm Executives Detained for 'False Press Release' to Boost Stock Price
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2020040300074256977_1585840062.jpg)
[Asia Economy Reporter Yoo Byung-don] The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Cho Sang-won) announced on the 3rd that Kang Mo and Jin Mo were arrested on charges of violating the Capital Markets Act for distributing false press releases to boost stock prices after receiving investments from Lime Asset Management.
According to the prosecution, the two are executives of three companies, including A subsidiary of Esmo, a KOSDAQ-listed company funded by Lime Asset Management, and HNT. They are accused of distributing false press releases claiming to be pursuing new businesses such as artificial intelligence (AI), virtual reality (VR), and autonomous vehicles in collaboration with overseas companies possessing advanced technology.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Earlier, the prosecution also indicted Hong Mo, who worked with them, on charges of distributing false press releases claiming to be pursuing an autonomous vehicle business at HNT and other companies.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
