Prosecutors Indict and Detain Executive of Investment Advisory Firm Involved in Deutsche Motors' 'Kim Gun-hee File'
[Asia Economy Reporter Kim Hyung-min] The prosecution investigating the Deutsche Motors stock manipulation case has sent Min (52), who was arrested on charges of participating in stock manipulation by Chairman Kwon Oh-soo, including involvement in the creation of the so-called 'Kim Geon-hee file,' to trial.
According to the legal community on the 19th, the Anti-Corruption Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Young-chul) indicted Min, an executive of an investment advisory firm, on charges of violating the Capital Markets Act on the 15th.
Min is accused of conspiring with Chairman Kwon and others to artificially boost Deutsche Motors' stock price through market manipulation from December 2009 to December 2012 (violation of the Capital Markets Act). Chairman Kwon was previously sent to trial on December 3 last year on the same charges. This case has attracted public attention due to allegations that Kim Geon-hee, spouse of President Yoon Seok-youl, is involved.
Min is particularly suspected of being involved in creating an Excel file named 'Kim Geon-hee.' It is reported that this file contained details such as the number of Deutsche Motors shares traded under Kim's name on January 13, 2011. The file was disclosed by the prosecution during a trial on August 26. The prosecution secured this file from the computer at Mr. A's company office in September last year. During the prosecution's investigation last year, Min suddenly left for the United States and was on Interpol's red notice. Subsequently, under pressure from the prosecution including passport invalidation, he returned to Korea on the 29th of last month. The prosecution arrested Min at Incheon International Airport, and he was detained on the 1st.
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Min is known to deny all charges against him. On the 2nd, he appeared as a witness at the trial of Chairman Kwon and others, presided over by the 23rd Criminal Division of the Seoul Central District Court (Chief Judge Jo Byung-gu), and when asked by the prosecution whether he had organized Kim Geon-hee's account details into a file, he replied, "It is a file I am seeing for the first time and I do not know its contents."
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