Prosecutors Conduct Search of Deutsche Motors Headquarters Over Kim Gun-hee Stock Manipulation Allegations

[Asia Economy Reporter Kim Hyung-min] The prosecution investigating the stock price manipulation allegations involving Kim Gun-hee, wife of former Prosecutor General Yoon Seok-yeol, conducted a search and seizure at the headquarters of Deutsche Motors on the 8th.

The Anti-Corruption and Strong Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jo Ju-yeon) sent investigators to Deutsche Motors headquarters on the same day to secure internal electronic data and other materials.

This case involves Chairman Kwon Oh-soo of Deutsche Motors allegedly conspiring with stock manipulators in the early 2010s to manipulate the company's stock price. The prosecution has been investigating related suspicions based on a complaint stating that Kim Gun-hee played the role of a so-called 'jeonju' (financier) in this case.

Kim Gun-hee is suspected of buying stocks at low prices and reselling them at higher prices during the period when Chairman Kwon Oh-soo manipulated the stock price through market manipulation.

In addition, Kim is also suspected of purchasing convertible bonds of Deutsche Financial, a subsidiary of Deutsche Motors, at prices lower than the market value between 2012 and 2013.

Meanwhile, the prosecution recently requested arrest warrants for three individuals, including Mr. Lee, on charges of involvement in Deutsche Motors' stock price manipulation (violation of the Capital Markets Act), and one person was detained on the 6th. Mr. Kim, who requested a postponement of the hearing on the same day, underwent a pre-arrest detention hearing (warrant review) at the Seoul Central District Court on the morning of the 8th.

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