Two Suspects in 'Yeongpung Paper Price Manipulation' Case Appear for Detention Hearing...Remain Silent

Two Other Related Persons Underwent Warrant Hearing at 2 PM That Day

Two individuals suspected of actively manipulating the stock price of Youngpoong Paper, amid allegations of unfair trading, appeared for a detention warrant hearing.

At 10:17 a.m. on the 20th, Yoon Mo and Lee Mo, who are accused of manipulating the stock price of Yeongpung Paper, are heading to the courtroom for a pre-arrest interrogation.
Photo by Hwang Seoyul chestnut@

At 10:30 a.m. on the 20th, Judge Kim Ji-sook, in charge of warrants at the Seoul Southern District Court, conducted a pre-arrest interrogation (warrant hearing) for Yoon and Lee, who are accused of violating the Capital Markets Act. Around 10:17 a.m., Yoon and others appeared bound with handcuffs and remained silent in response to reporters' questions such as "Do you admit the charges?" and "How did you manipulate the stock price?" as they headed to the courtroom.

At around 2 p.m. the same day, Judge Yoo Hwan-woo, also in charge of warrants, will conduct a warrant hearing for Shin and Kim, who face the same charges. The decision on whether to detain these four individuals is expected to be announced late in the afternoon.

They are accused of artificially inflating Youngpoong Paper's stock price by raising funds for stock price manipulation. Youngpoong Paper's adjusted stock price, reflecting a free share issuance earlier this year, was 5,829 KRW but rose to 54,200 KRW in August. However, the stock price, which was 48,400 KRW as of the 17th, dropped by 14,500 KRW to 33,900 KRW the following day. The Financial Services Commission, Financial Supervisory Service, and Korea Exchange suspended trading and requested disclosure inquiries starting the previous day for Youngpoong Paper and Daeyang Metal, two stocks that experienced a sharp price decline on the 18th.

The prosecution reportedly arrested these individuals on the 17th and conducted searches of their residences to secure related materials. However, Youngpoong Paper and its largest shareholder, Daeyang Metal, stated through press releases that "neither the company nor its affiliates have been subject to searches" and that "there has been no notification from the prosecution or financial authorities regarding allegations of unfair trading."

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