First Trial of Kwon Osu, Chairman of Doich Motors, on Stock Manipulation Charges

Chairman Kwon Oh-soo of Doich Motors suspected of stock manipulation and breach of trust / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Daehyun] The first formal trial of key defendants, including Chairman Kwon Osu, related to the 'Deutsche Motors stock price manipulation' charges will be held.

At 10 a.m. on the 4th, the Seoul Central District Court Criminal Division 23 (Presiding Judge Yoo Younggeun) will conduct the first hearing of Chairman Kwon and the so-called 'stock price manipulation players,' who have been indicted for violating the Capital Markets Act. According to the defendant's obligation to appear in formal trials, Chairman Kwon and eight other defendants must appear in court in person.

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

The prosecution believes that after Deutsche Motors' backdoor listing at the end of 2008 and the continuous decline in stock price, Chairman Kwon, facing demands from investors to boost the stock price, commissioned Mr. Lee, known as a 'stock price manipulation player' in the securities industry, to plan the stock price manipulation.

Mr. Lee requested stock supply and demand from securities company executive Mr. Kim, who, together 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 late 2,000 won range to about 8,000 won, according to investigations.

Kim Gunhee, wife of Yoon Seok-yeol, the People Power Party's presidential candidate, is under investigation by the prosecution over allegations that she played the role of a so-called 'jeonju' who financed the stock price manipulation.

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