Prosecutors Request Arrest Warrants for 5 Suspects Involved in Edison Motors Stock Manipulation Case

The prosecution has requested arrest warrants for five individuals suspected of participating in stock price manipulation involving Edison Motors, an electric vehicle company.

[Image source=Yonhap News]

On the 15th, the Financial and Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Dan Seong-han) announced that they filed arrest warrants on the 13th for five people, including Lee and Park, on charges of violating the Capital Markets Act.

According to the prosecution, they are accused of distributing false information about Edison Motors' acquisition of Ssangyong Motor to inflate the stock price of related companies and gain unfair profits.

The pre-trial detention hearings (warrant substantive examinations) for Lee and three others are scheduled for 10:30 a.m. on the 19th, while Park's hearing is set for 10:30 a.m. on the 20th.

The prosecution has been investigating those involved in stock price manipulation following the indictment and detention of Kang Young-kwon, chairman of Edison Motors (65), and three Edison Motors executives in October last year.

Chairman Kang and the executives are accused of manipulating stock prices and obtaining unfair profits of 162.1 billion KRW by acquiring Edison EV (now Smart Solutions), a KOSDAQ-listed company that served as a funding channel for Edison Motors, without capital, and then fabricating plans to acquire Ssangyong Motor and raise funds.

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