Prosecutors Conduct Search and Seizure at La Deok-yeon's Signiel Office in 'SG Incident'

Prosecutors investigating the 'Societe Generale (SG) Incident' are conducting a search and seizure at the office of Ra Deok-yeon, CEO of H Investment Construction Consulting.

[Image source=Yonhap News]

On the 4th, the Joint Financial and Securities Crime Investigation Team (Head Dan Seong-han) of the Seoul Southern District Prosecutors' Office is carrying out a search and seizure at Ra's office located in Signiel, Lotte Tower, Jamsil, Songpa-gu, Seoul.

The prosecutors are securing evidence such as stock and financial transaction data related to the 'SG Incident.' It is reported that Ra held investment-related discussions with a group involved in stock price manipulation at this office. The prosecutors also conducted a search and seizure here the previous day.

The investigation team is currently investigating and has booked Ra and others suspected of participating in stock price manipulation. On the 28th of last month, the prosecutors formed a joint investigation team centered on the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors' Office, together with the Capital Market Investigation Division of the Financial Services Commission and the Financial Supervisory Service.

The 'SG Incident' refers to a case suspected of stock price manipulation, where eight stocks including Samchully, Seongwang, and Harim Holdings, sold through SG Securities since the end of last month, hit the daily lower limit consecutively. Financial authorities and investigative agencies believe that Ra and others involved in stock price manipulation recruited investors and used their mobile phones and securities accounts to conduct prearranged trades between buyers and sellers, employing a method of collusive trading to inflate stock prices.

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