CEO Arrested at Deutsche Motors... "Considering CEO Change"
[Asia Economy Reporter Minwoo Lee] Deutsche Motors announced regarding CEO Kwon Osu, who was detained by the prosecution on charges of stock price manipulation, "CEO Kwon is currently under investigation while detained for violations of the Capital Markets and Financial Investment Services Act, among other charges, but no facts have been confirmed yet related to the current charges." The company added, "We are reviewing changes to the CEO in accordance with Article 33 of the company’s articles of incorporation to ensure normal business operations."
Earlier, the Anti-Corruption and Strong Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jo Jooyeon) requested a pre-arrest warrant for Chairman Kwon on the 12th on charges of violating the Capital Markets Act. In response, Judge Lee Sechang, who is in charge of warrants at the Seoul Central District Court, conducted a pre-arrest suspect interrogation (warrant substantive examination) for Chairman Kwon the previous day and issued the arrest warrant, citing "concerns over evidence destruction."
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According to the prosecution, Chairman Kwon is accused of illegally purchasing approximately 15.99 million shares (worth about 63.6 billion KRW) by leaking internal company information and mobilizing external forces as 'players' while serving as the largest shareholder and CEO of Deutsche Motors from 2009 to 2012, thereby manipulating the stock price.
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