Deutsche Motors Stock Manipulation Allegation Against Kwon Oh-soo... First Trial on the 14th

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] Kwon Osu, chairman of Deutsche Motors, who is accused of stock price manipulation due to the leakage of internal company positive information, will have his first trial on the 14th.

According to the legal community on the 12th, the Criminal Division 23 of the Seoul Central District Court will hold the first pretrial hearing for Chairman Kwon, who was indicted for violating the Capital Markets and Financial Investment Business Act, at 10 a.m. on the 14th.

Chairman Kwon is accused of conspiring with professional market manipulators from December 2009 to December 2012 to artificially create a large buying force through abnormal methods such as manipulating Deutsche Motors' stock supply and demand and leaking internal positive company information, thereby manipulating the stock price over a long period.

The prosecution believes that at the end of 2008, after Deutsche Motors was listed via a backdoor listing and experienced a downward trend in stock price, Chairman Kwon, facing demands from investors to boost the stock price, commissioned a "stock price manipulation expert" named Lee to plan the stock price manipulation.

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