Police Conduct Search and Seizure at Ilyang Pharmaceutical Over 'COVID-19 Treatment Stock Manipulation Suspicions'
Search and Seizure Conducted at Ilyang Pharmaceutical Headquarters on the Morning of the 5th
The police conducted a search and seizure operation against Ilyang Pharmaceutical, which is suspected of stock price manipulation related to a COVID-19 treatment.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency sent investigators to Ilyang Pharmaceutical's headquarters in Gangnam-gu, Seoul, on the morning of the 5th to carry out the search and seizure.
Previously, in March 2020, Ilyang Pharmaceutical cited research results from Korea University College of Medicine, announcing that its leukemia treatment drug 'Supect' reduced the COVID-19 virus by 70%. At that time, the company's stock price, which had been below 20,000 won, rose above 100,000 won in July, four months after the announcement.
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The police are investigating related suspicions, believing that some major shareholders, including executives of Ilyang Pharmaceutical, sold their shares to gain capital gains when the stock price peaked.
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