Prosecutors Seek Pretrial Detention Warrant for Kwon Oh-soo, Chairman of Deutsche Motors, in Stock Manipulation Case
[Asia Economy Reporter Kim Hyung-min] The prosecution investigating allegations of stock price manipulation and breach of trust involving Deutsch Motors has moved to secure the custody of the key figure, Kwon Oh-soo, chairman of Deutsch Motors.
The Seoul Central District Prosecutors' Office Anti-Corruption and Strong Investigation Division 2 (Chief Prosecutor Jo Ju-yeon) filed a pre-arrest warrant for Chairman Kwon on the 12th on charges of violating the Capital Markets Act related to stock price manipulation of a listed company.
Chairman Kwon, as the largest shareholder and CEO of Deutsch Motors, is suspected of leaking internal company information to boost the stock price and engaging in stock price manipulation to prevent the stock price from falling.
He is under investigation for informing associates about favorable internal company news such as entry into foreign car after-sales service business, joint ventures for online sales of used parts, and attracting overseas private equity investments, thereby inducing stock trading and placing fictitious buy orders through accounts he directly manages to inflate the stock price.
It was also investigated that Chairman Kwon mobilized external forces as 'players' to form a stronger buying trend. The prosecution believes that Kwon contacted securities firms and investment advisory firms, providing various favorable internal information and requesting stock price support or management.
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The prosecution has identified that from December 2009 for about three years, Kwon and others directly purchased approximately 15.99 million shares (worth about 63.6 billion KRW) of Deutsch Motors stock or induced customers to buy through illegal inducement activities in this manner.
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Notably, this allegation has attracted public attention as Kim Gun-hee, wife of Yoon Seok-youl, the People Power Party's presidential candidate, is implicated in Jeonju. If Chairman Kwon is detained, the prosecution is likely to accelerate the investigation into Ms. Kim as well.
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