Prosecutors Summon Kim Gun-hee Over Suspected Role as 'Mastermind' in Deutsche Motors Stock Manipulation Case

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The prosecution is reported to have notified Kim Gun-hee, wife of Yoon Seok-yeol, the People Power Party's presidential candidate, to appear for questioning in connection with the 'Deutsche Motors stock price manipulation' suspicion.

According to the legal community on the 9th, the Anti-Corruption and Strong Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jo Ju-yeon) recently notified Kim's side of the summons and is reportedly coordinating the investigation schedule.

Kim is suspected of playing the role of a 'jeonju' (financier) who provided funds during the intentional process of driving up Deutsche Motors' stock price.

Earlier, the prosecution indicted four individuals, including Kwon Oh-soo, chairman of Deutsche Motors, securities firm employees, and business investors, without detention in relation to this suspicion. Additionally, four others, including Lee, who played the so-called 'player' role in the stock price manipulation, were indicted under detention.

Chairman Kwon and others are accused of conspiring with 'stock price manipulation players,' boutique investment advisory firms, and current and former securities firm executives and employees from December 2009 to December 2012, mobilizing 157 accounts under 91 names to drive up Deutsche Motors' stock price.

In particular, after the backdoor listing at the end of 2008, when Deutsche Motors' stock price continued to decline, Chairman Kwon was pressured by investors to boost the stock price, and the prosecution believes he planned the stock price manipulation by commissioning Lee, the 'player.'

Lee, known as a 'stock price manipulation player' in the securities industry, requested stock supply and demand from securities firm executive Kim, who, together with fellow securities employees and the boutique investment advisory firm operators, manipulated the market through collusive trading and high-priced purchases, raising the stock price from the high 2,000 won range to about 8,000 won, according to the investigation.

Kim Gun-hee is also suspected of providing financial support during this process and gaining some profits. According to a police internal investigation report, in February 2010, Kim entrusted Lee, whom she came to know through Chairman Kwon's introduction, with Deutsche Motors stocks she held at the time and a securities account containing 1 billion won.

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