'Former Chairman Kwon Oh-soo of Doich Motors Applies for Bail on Stock Manipulation Charges'

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

[Asia Economy Reporter Kim Daehyun] Kwon Osu, former chairman of Deutsch Motors (63), who was indicted in a stock price manipulation case involving Kim Gunhee, wife of President-elect Yoon Seok-yeol, has applied for bail.

According to the court on the 28th, former Chairman Kwon submitted a bail application to the Seoul Central District Court Criminal Division 23 (Chief Judge Jo Byeong-gu) on the 25th.

Former 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, investors demanded stock price support. Kwon allegedly commissioned Lee, known as a key player in stock price manipulation in the securities industry, to plan the manipulation.

Lee requested stock supply and demand from Kim, a securities company executive, who then coordinated with fellow securities employees and operators of 'boutique' investment advisory firms to manipulate the market through wash trading and high-price purchases, raising the stock price from the high 2,000 won range to about 8,000 won.

Meanwhile, the prosecution is also investigating allegations that Kim, wife of President-elect Yoon, played the role of a so-called 'jeonju' (money provider) in the stock price manipulation.

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