Prosecutors Summon Kwon Osu, Chairman of Deutsch Motors, Today for 'Stock Manipulation Allegations' Investigation

[Asia Economy Reporter Kim Hyung-min] The prosecution investigating allegations of stock price manipulation involving Deutsche Motors is summoning Kwon Oh-soo, chairman of Deutsche Motors, for questioning as a suspect on the 2nd.

The Anti-Corruption and Strong Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jo Ju-yeon) plans to summon Chairman Kwon in the afternoon to verify the overall allegations of stock price manipulation.

The prosecution believes that Chairman Kwon, along with the 'players' involved in the stock price manipulation, directly purchased about 15.99 million shares of Deutsche Motors stock (worth approximately 63.6 billion KRW) or induced customers to purchase them illegally over a period of about three years starting from December 2009.

In particular, Chairman Kwon, as the largest shareholder and CEO of Deutsche Motors, is suspected of leaking internal company information to boost the stock price and manipulating the stock price to prevent it from falling.

He allegedly induced stock trading by informing those around him of favorable internal company information such as entry into foreign car after-sales service business, joint ventures for online sales of used parts, and attracting overseas private equity fund investments, then placed fictitious purchase orders through accounts he directly managed to inflate the stock price.

Prior to questioning Chairman Kwon, the prosecution has arrested and indicted two individuals, including Lee, the representative of an investment company involved in the stock price manipulation, on charges of violating the Capital Markets and Financial Investment Business Act.

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