Justice Party's Bae Jin-kyo Reveals Document on Samsung Stock Price Manipulation Allegations... 'Anticipated Negative Factor'

[Image source=Yonhap News]

[Asia Economy Reporter Park Cheol-eung] Bae Jin-gyo, the floor leader of the Justice Party, revealed suspicions of Samsung's stock price manipulation during the merger of Cheil Industries and Samsung C&T, and disclosed related documents.

On the 29th, Floor Leader Bae held a press conference at the National Assembly and presented documents presumed to have been prepared by Samsung.

The documents state that "above all, the stock price at the time of exercising voting rights at the general shareholders' meeting is the most important," and specify that "negative factors affecting the stock price need to be reflected in the first quarter earnings or opened to the market before the merger board meeting and disclosure (June 22) to preemptively influence the stock price."

There is also a phrase saying, "Cheil Industries/Samsung C&T's first quarter performance is poor, so a stock price decline is expected." It further states that "positive factors for the stock price (e.g., the possibility of Epis Nasdaq listing, construction order announcements, etc.) should be concentrated after the merger board meeting in July to August to boost the stock price."

This implies that artificial adjustments are necessary to lower the stock price before the merger and raise it afterward.

The document also states that "it is advantageous for securing voting rights and minimizing the exercise of stock purchase rights if negative factors are preemptively reflected before the merger board meeting to lower the stock price, followed by an upward trend in the stock prices of both companies after the board meeting."

This content was produced with the assistance of AI translation services.