All Four Members of the 'Yeongpung Paper Stock Manipulation' Group Arrested... "Risk of Evidence Tampering and Escape"

All four individuals suspected of leading the stock price manipulation of Yeongpung Paper, which has been embroiled in allegations of unfair trading, have been arrested.

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@

On the 20th, Judge Kim Ji-sook of the Seoul Southern District Court, in charge of warrants, held a pre-arrest detention hearing for Yoon and Lee, who are accused of violating the Capital Markets Act, and issued arrest warrants citing concerns over evidence tampering and flight risk. Subsequently, Judge Yoo Hwan-woo, also in charge of warrants, issued arrest warrants for Shin and Kim, who face the same charges.

At around 10:17 a.m. that day, Yoon and the others appeared bound with zip ties 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 court.

They are accused of artificially inflating Yeongpung Paper's stock price by raising funds for stock price manipulation. Yeongpung Paper's adjusted stock price, reflecting a free stock distribution earlier this year, was 5,829 KRW but rose to 54,200 KRW by 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. On the 18th, the Financial Services Commission, Financial Supervisory Service, and Korea Exchange suspended trading and requested disclosure inquiries for Yeongpung Paper and Daeyang Metal, two stocks that experienced sharp declines starting the previous day.

The prosecution reportedly arrested these individuals on the 17th and conducted searches of their residences to secure related materials. However, Yeongpung Paper and its largest shareholder, Daeyang Metal, stated in 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.