'Arrest Warrant Requested for Stock Cafe Owner with 5 Stocks Hitting Lower Limit... Alleged 35.9 Billion KRW Illegal Gains'

The prosecution has requested an arrest warrant for Kang Ki-hyuk (52), the operator of a Naver stock cafe suspected of being involved in the mass limit-down incident affecting five stock items.

[Image source=Yonhap News]

On the 6th, the joint investigation team comprising the Seoul Southern District Prosecutors' Office, the Financial Services Commission, and the Financial Supervisory Service announced that they had applied charges of violating the Capital Markets Act against Kang and two others, operators of the Naver stock-related cafe 'Bareun Investment Research Institute,' and requested pre-arrest warrants.

According to the prosecution, Kang and others are suspected of manipulating stock prices through collusive trading of five stock items?Dongil Industry, Dongil Metal, Manho Steel, Daehan Textile, and Banglim?from January 2020 to last May. The prosecution believes that Kang and his associates obtained approximately 35.9 billion KRW in illicit gains during this process.

The mass limit-down incident arose when the five stock items suddenly hit their lower price limits on the 14th of last month. Kang is known to have frequently mentioned and recommended these five stocks to members on the Naver cafe he operates.

Previously, the prosecution summoned Kang for questioning as a suspect for three days from the 3rd to the day before. In the month the incident broke out, Kang was subjected to a travel ban, and his residence was searched and seized.

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