Minjoo Reports Mrs. Kim Geon-hee to Police for "Violation of Capital Markets Act"

Allegations of Market Manipulation and Insider Trading Related to Doich Motors Stock Price Manipulation

The Democratic Party of Korea has filed a complaint with the police against Kim Geon-hee, wife of President Yoon Seok-yeol, on charges of violating the Capital Markets Act in connection with the Deutsche Motors stock manipulation case.

On the 11th, the Democratic Party's Committee for Countermeasures Against Prosecutorial Dictatorship and Political Oppression announced that it had submitted the complaint to the Seoul Metropolitan Police Agency's Civil Affairs Office.

The Democratic Party's Committee for Countermeasures Against Prosecutorial Dictatorship and Political Oppression is submitting a complaint to the Civil Complaints Office of the Seoul Metropolitan Police Agency. Photo by Yonhap News

In a press release, the committee stated, "The prosecution viewed that the intent to manipulate the market by former Deutsche Motors Chairman Kwon Oh-soo ended on December 7, 2012, but evidence has emerged that the crime did not end, as the stock price rose again in early 2013." They added, "However, no investigation has been conducted on this matter, leading to this additional complaint." Furthermore, they claimed, "Former Chairman Kwon is suspected of manipulating the market again in 2013 during the transaction of Deutsche Motors' new stock acquisition rights by mobilizing funds from acquaintances including Kim Geon-hee. There is evidence that Kim Geon-hee was involved, and it has been revealed that she gained profits through preferential securities transactions with former Chairman Kwon."

They continued, "On December 10, 2011, Kim Geon-hee lent 500 million won when former Chairman Kwon purchased convertible bonds with stock acquisition rights (BW) for 750 million won," adding, "Accordingly, there is suspicion of violating the prohibition on market manipulation under the Capital Markets Act."

Additionally, the committee stated, "Kim Geon-hee served as a director of Deutsche Motors and was registered as a major shareholder of Deutsche Motors as of the end of September 2013," and said, "Kim Geon-hee purchased Deutsche Motors' stock acquisition rights over-the-counter from former Chairman Kwon, who could not have been unaware of the investment attraction that occurred seven months later."

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