'Stock Price Manipulation Suspicion' Kim Woo-dong, CEO of Jogwang ILI, Indicted and Detained
Kim Woo-dong, CEO of Jogwang ILI, who is accused of boosting stock prices through false disclosures while acquiring KOSDAQ-listed companies without equity capital, has been indicted while in custody.
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The Financial Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office (Chief Dan Seong-han) announced on the 24th that Kim was indicted on the 21st on charges including violation of the Capital Markets Act (fraudulent unfair trading).
Kim is accused of inflating stock prices through false disclosures during the acquisition and merger of several KOSDAQ-listed companies without equity capital, as well as embezzling company funds from the acquired firms.
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The prosecution launched an investigation following the Financial Supervisory Service's fast-track (emergency measures) and complaint, and obtained an arrest warrant for Kim on the 4th.
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