Lee Bok-hyun: "FSS Has Never Investigated Kim Gun-hee for Stock Manipulation"

Conflict over Deutsche Motors Stock Manipulation Case at the Political Affairs Committee
Democratic Party "Are They Hiding Something?"
Financial Supervisory Service Chief Lee Bok-hyun "No Investigation Conducted"

[Asia Economy Reporter Minwoo Lee] Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), stated that the FSS has never investigated whether First Lady Kim Geon-hee was involved in the Deutsche Motors stock manipulation case.

On the 21st, during the plenary session of the National Assembly's Political Affairs Committee, when Park Seong-jun, a member of the Democratic Party of Korea, asked, "If there were stock manipulation by First Lady Kim Geon-hee, the FSS should issue a statement," Lee made this remark.

In response, Representative Park said, "The police conducted a preliminary investigation into the suspicion of stock manipulation by First Lady Kim, the financial authorities were aware of it, and it was detected by the Korea Exchange's detection system and referred to the prosecution. Doesn't this mean that the FSS, seeing clear evidence of stock manipulation, referred the case to the prosecution and requested an investigation?" He added, "Saying that the FSS has never investigated is rather hiding the truth, isn't it?"

Then, Governor Lee drew a line, saying, "That is a misunderstanding." He replied, "Only the cases notified by the Korea Exchange regarding violations of the 5% rule and the obligation to report large shareholdings were investigated, and there has been no investigation into stock manipulation cases." The 5% rule is a system that requires those holding 5% or more of a listed company's shares to mandatorily disclose changes in shareholding, purpose of holding, and other relevant information.

When Hwang Un-ha, a member of the same party, asked the same question again, Governor Lee answered, "If you look closely at the court ruling, it clearly shows that the FSS did not investigate," adding, "It seems that the Korea Exchange analyzed and discovered something, but the FSS has never conducted an investigation."

[Image source=Yonhap News]

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