Police Investigate Kim Jin-wook, Chief of the Corruption Investigation Office, as Complainant in Alleged Stock Market Manipulation Case

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] On the 17th, a civic group that accused Kim Jin-wook, head of the High-ranking Officials' Crime Investigation Unit (PCC), of gaining unfair capital gains during the acquisition of stocks in a KOSDAQ-listed company appeared at the police station for investigation.

Before the complainant investigation, the Center for Monitoring Speculative Capital held a press conference in front of the Jongno Police Station in Seoul and stated, "The MikobioMed stocks held by Director Kim (valued at about 93 million KRW) were acquired at a price lower than the market price by participating in Nanobiosis's third-party allotment paid-in capital increase while serving at the Constitutional Court in 2017, resulting in Director Kim gaining approximately 4.76 million KRW in capital gains."

The center claimed that Director Kim violated Article 8 of the Improper Solicitation and Graft Act (the Anti-Graft Act), which prohibits receiving money or valuables exceeding 3 million KRW annually from the same person.

They also raised suspicions that Director Kim may have acquired stocks using undisclosed information, along with allegations that frequent overseas trips, training in the United States, and promotions during his tenure at the Constitutional Court were rewards for assisting Park Han-chul, then Chief Justice, upon his inauguration.

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