'Arrest of Accomplice Aiding Escape of Main Suspect in Yeongpung Paper Stock Manipulation Case... "Risk of Flight"'
Court: "Risk of Flight"
Prosecutors Investigate Associates Tracking Main Suspect's Whereabouts
Lawyer A, suspected of aiding the escape of Mr. Lee, the mastermind behind the 'Youngpoong Paper stock manipulation' organization, was arrested on the 8th after the prosecution re-requested an arrest warrant.
Yoo Hwan-woo, the judge in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing for A, who is suspected of aiding a criminal's escape, and issued the arrest warrant, stating there was a "risk of flight."
A is accused of helping Lee escape by giving him a ride in a car and obstructing the investigation by placing Lee's mobile phone elsewhere to prevent location tracking by authorities. The prosecution has formed a capture team to track Lee's whereabouts.
A is known to be serving as an outside director of a KOSPI-listed company operated by Kim, a member of the Youngpoong Paper stock manipulation group who was previously arrested and indicted.
The prosecution had previously requested an arrest warrant for A last month, but the court dismissed it at the time, stating there was "room to dispute the criminal charges and no concern of flight or evidence destruction."
Subsequently, the prosecution strengthened the evidence and charges and re-requested the arrest warrant on the 6th.
Lee and other members of the stock manipulation group are accused of manipulating the price of Youngpoong Paper stock a total of 38,875 times (equivalent to about 35.97 million shares) since early this year, gaining unfair profits worth approximately 278.9 billion KRW.
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The Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office has so far arrested and indicted eight participants involved in the stock manipulation and is conducting investigations into accomplices who aided the escape.
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