Chairman Kim Ik-rae and Kiwoom Securities Submit Defamation Complaint Against CEO Ra Deok-yeon

Kiwoom Securities "Strong Response to False Information Dissemination and Groundless Defamation by CEO Ra Deok-yeon"

Kim Ik-rae, Chairman of Daou Kiwoom Group, and Kiwoom Securities announced on the 2nd that they have filed a complaint with the Seoul Metropolitan Police Agency against Ra Deok-yeon, CEO of H Investment Advisory, for violating the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. (defamation by false statements).

In a broadcast interview with KBS, YTN, and others on the 28th of last month, CEO Ra made remarks suggesting that the recent stock price crash triggered by SG Securities was caused by Chairman Kim Ik-rae and Kiwoom Securities. He pointed to Chairman Kim as the mastermind behind the incident, claiming that the person who profited from the stock price crash was the culprit.

Daou Kiwoom stated, "The sale of the relevant stocks was conducted legally in accordance with related laws and regulations, and all related disclosures were fulfilled," adding, "There is absolutely no connection with stock price manipulation groups, and the accused Ra Deok-yeon has failed to present any evidence."

They continued, "Nevertheless, the accused Ra Deok-yeon is misleading public opinion as if Chairman Kim Ik-rae committed illegal acts to dilute his own responsibility," and "Furthermore, claiming that he conspired with certain forces to maliciously cause the stock price to plummet is a completely baseless slander that seriously damages the reputation of the group’s head."

Regarding the background of this complaint, they explained, "Ra Deok-yeon’s statement that Kiwoom Securities artificially executed forced sales to lower the stock price is practically impossible due to the structure of CFD (Contract for Difference) forced sales, which are executed automatically in real time, and it is a malicious distortion of facts," adding, "By spreading false information that Kiwoom Securities manipulated the stock price or was connected to stock price manipulation groups, they have damaged the company’s honor and seriously undermined its credibility."

A Kiwoom Securities official said, "We will continue to respond strictly to illegal acts that damage our honor and credibility through the spread of baseless false information and slander related to this incident."

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