'Stock Manipulation' Kwon Oh-soo, Chairman of Deutsch Motors, First Trial Postponed to Next Month

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The first trial of Kwon Oh-soo, chairman of Deutsch Motors, who was indicted in a stock price manipulation case involving Kim Gun-hee, the spouse of Yoon Seok-yeol, the People Power Party's presidential candidate, has been postponed to next month.

According to the legal community on the 14th, the Seoul Central District Court Criminal Division 23 (Chief Judge Yoo Young-geun) changed the first trial of Chairman Kwon, originally scheduled for the 21st, to the 4th of next month.

Chairman Kwon was arrested and indicted on charges of using 157 accounts under 91 names, including former and current securities company executives and employees, to drive up the stock price of Deutsch Motors from 2009 to 2012.

The prosecution believes that after Deutsch Motors was backdoor-listed at the end of 2008 and its stock price continuously declined, leading investors to demand a stock price boost, Kwon planned stock price manipulation by commissioning Mr. Lee, known as a key player in stock price manipulation in the securities industry. Mr. Lee requested stock supply and demand from securities company executive Mr. Kim, who, along with fellow securities employees and operators of boutique investment advisory firms, manipulated the market through collusive trading and high-price purchases, raising the stock price from the high 2,000 won range to about 8,000 won.

Kim Gun-hee, spouse of candidate Yoon, is under investigation by the prosecution on suspicion of acting as a so-called 'jeonju' who financed the stock price manipulation.

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