Four Arrested for Involvement in Edison Motors Stock Manipulation... "Risk of Evidence Tampering and Flight"
Four individuals accused of participating in stock manipulation involving Edison Motors, an electric vehicle company, have been arrested.
On the 19th, Judge Kim Ji-sook of the Seoul Southern District Court, who is in charge of warrants, conducted a pre-arrest detention hearing for four suspects, including Lee, who are charged with fraudulent unfair trading under the Capital Markets Act, and issued arrest warrants for all, citing concerns over evidence destruction and flight risk.
According to the prosecution, they are accused of distributing false information that Edison Motors was acquiring Ssangyong Motor Company to inflate the stock price of affiliated companies and gain illicit profits.
Earlier, the prosecution had arrested and indicted Kang Young-kwon, chairman of Edison Motors (65), and three executives of Edison Motors in October last year, and has been investigating those involved in the stock manipulation.
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Chairman Kang and the executives are accused of manipulating stock prices by acquiring Edison EV (now Smart Solutions), a KOSDAQ-listed company that served as a funding channel for Edison Motors, without capital, and fabricating plans to acquire Ssangyong Motor Company and raise funds, thereby obtaining unfair profits amounting to 162.1 billion KRW.
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