Singer Lim Chang-jung, 'SG-related Stock Manipulation' Suspect, Summoned for Investigation

Suspected Large-Scale Investment in Consulting Firm H Company

Singer Lim Chang-jung (51), who has been implicated in the SG (Soci?t? G?n?rale) Securities crash incident, was recently summoned to the prosecution as a suspect.

Singer Lim Chang-jung [Photo by Yonhap News]

According to the legal community on the 18th, the Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Ha Dong-woo) summoned Lim last week for questioning as a suspect. Lim is accused of investing a large sum of money in H Investment Consulting Company, which has been identified as the group responsible for stock price manipulation in the SG Securities crash incident.

On that day, the prosecution reportedly questioned Lim about the circumstances of his investment in Company H and whether he was aware of their market manipulation activities. Lim, who is said to have entrusted about 3 billion KRW to Company H, is known to have maintained a close relationship with the stock manipulation group, including attending their parties.

However, Lim's side claims that he also suffered tens of billions of won in debt due to the stock price crash, asserting that he is a victim as well.

The prosecution has indicted 56 individuals involved in the SG-related stock manipulation, including Mr. Ra, who was arrested and indicted, as well as other members of the organization, advisory lawyers, and accountants, and continues its investigation.

They are accused of manipulating the prices of eight listed companies from May 2019 to April last year, using investment funds raised from investors through profit-sharing agreements, resulting in illicit gains amounting to approximately 730.5 billion KRW.

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