Five People Summarily Indicted for 'Doich Stock Manipulation' to Face Formal Trial

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

[Asia Economy Reporter Kim Daehyun] Five individuals who were initially subject to summary indictment in the Deutsche Motors stock manipulation case, in which President-elect Yoon Seok-yeol's spouse Kim Geon-hee is alleged to be involved, will now face a formal trial.

On the 18th, Judge Sun Min-jung of the Seoul Central District Court Criminal Division 27 recently referred the case involving Lee and four others, who were summary indicted on charges including violation of the Capital Markets Act, to a formal trial. At the same court, Chief Judge Yang Hwan-seung of Criminal Division 3 is scheduled to hold their first hearing on the 5th of next month at 10:50 AM.

The prosecution indicted former Deutsche Motors Chairman Kwon Oh-soo and others at the end of last year, and also summary indicted Lee and others. A summary indictment is a procedure where the prosecution requests fines or penalties through written review instead of a formal trial. If the parties or the court raise objections, the case is transferred to a formal trial.

Former Chairman Kwon and others are currently on trial for allegedly conspiring with 'stock manipulation players,' 'boutique' investment advisory firms, and current and former securities company executives to manipulate Deutsche Motors' stock price by using 157 accounts under 91 names from December 2009 to December 2012. The case is being heard by the Criminal Division 23 (Chief Judge Jo Byung-gu) of the same court.

Lee and others are accused of participating in or aiding stock price manipulation by submitting high-priced purchase orders and creating artificial large-scale buying pressure.

The prosecution is continuing its investigation into allegations that Kim, the spouse of President-elect Yoon, acted as a so-called 'jeonju' (money provider) in the stock manipulation. According to a police internal report, in February 2010, Kim entrusted her Deutsche Motors stocks and a securities account containing 1 billion KRW to another player introduced by former Chairman Kwon.

Kim's side acknowledged the facts but denied involvement, stating that she never received any financial gain.

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