[Featured Stock] Yoon Seok-yeol's Election Victory as a Get-Out-of-Jail Card?… Deutsche Motors Hits New High
On the 10th, members of the National Assembly's Political Affairs Committee and Judiciary Committee held an emergency press conference at the Democratic Party Central Office in Yeouido, Seoul, regarding Kim Gun-hee, wife of Yoon Seok-yeol, the People Power Party's presidential candidate, and her involvement in the Deutsche Motors stock manipulation case. Photo by Yoon Dong-joo doso7@
View original image[Asia Economy Reporter Ji Yeon-jin] Deutsche Motors surged on the 10th following the news of Yoon Seok-yeol, the People Power Party candidate, winning the presidential election, hitting a new all-time high.
Deutsche Motors traded up to 12,000 KRW during the day, marking a 52-week high. At 10:02 AM, the stock price was trading at 9,630 KRW, up 13.70% (1,160 KRW) compared to the previous day.
The company is currently under investigation by prosecutors for stock price manipulation, with allegations involving Kim Geon-hee, the spouse of President-elect Yoon.
The Deutsche Motors stock manipulation case is being investigated by the Anti-Corruption Investigation Division 2 of the Seoul Central District Prosecutors' Office (led by Chief Prosecutor Jo Ju-yeon). It is reported that Kim Geon-hee will be summoned for questioning. The expectation that President-elect Yoon’s administration will benefit the company appears to have driven the stock price up.
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Earlier, on the 2nd of this month, the National Office Financial Services Labor Union and the National Financial Industry Labor Union held a press conference in front of the People Power Party headquarters in Yeouido, Seoul, condemning the false explanations regarding the Deutsche Motors stock manipulation case. They stated, “With the presidential election just a week away, a significant number of voters are casting ballots unrelated to the substance of the stock manipulation case,” and demanded, “The Yoon campaign must disclose all stock transaction details of Kim.”
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