'Deoich Motors Stock Manipulation' Suspects Face First Trial Today

One of the suspects in the 'Doich Motors stock manipulation' case, Mr. Lee [Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] The first trial of the individuals identified as so-called "players" involved in the 'Deutsche Motors stock manipulation' case is set to begin.

According to the court on the 19th, the Seoul Central District Court Criminal Division 23 (Presiding Judge Yoo Younggeun) will hold the first preparatory hearing at 11 a.m. for three defendants, including Mr. Lee, who have been indicted on charges of violating the Capital Markets Act. The preparatory hearing is a procedure to organize the evidence plan for the upcoming formal trial, and since the defendants are not required to attend, it is uncertain whether Mr. Lee and others will appear in court in person.

Previously, they were prosecuted on charges of gaining profits through stock price manipulation in the stock market alongside Kwon Osu, chairman of Deutsche Motors, during 2010-2011. The prosecution believes that Mr. Lee and others participated as "players" in the stock manipulation process.

Chairman Kwon was detained following a pre-trial detention hearing on the 12th. As the largest shareholder or CEO of Deutsche Motors, he is accused of leaking internal company information to boost stock prices and engaging in stock manipulation to prevent price declines.

The investigation initially began after a complaint was filed alleging that Kim Gunhee, wife of Yoon Seok-yeol, the People Power Party's presidential candidate, participated as a "broker" in the stock manipulation process. Yoon's camp denies the allegations, stating, "They only suffered losses after entrusting the transactions." With Chairman Kwon's detention, a full-scale prosecution investigation into Ms. Kim is expected to commence soon.

Meanwhile, another Mr. Lee, known to have managed Ms. Kim's account while acting as a "player" in the stock manipulation, disappeared before a detention hearing on the 6th of last month but was recently apprehended and is currently held at Seoul Detention Center.

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