Kim Geonhee Special Prosecutor Raids Wellbiotech Headquarters Over "Sambu Construction Stock Manipulation Allegations"

"Search and Seizure Launched at 10 Locations Including Wellbiotech Subsidiaries"

On August 21, the special prosecutor team led by Min Jungki, which is investigating various allegations involving Kim Geonhee, conducted a search and seizure at the headquarters of Wellbiotech and other locations in connection with the "Sambu Construction stock price manipulation allegations."

Kim Geonhee, wife of former President Yoon Sukyeol, who is accused of violating the Capital Markets and Financial Investment Business Act, the Political Funds Act, and the Act on the Aggravated Punishment of Specific Crimes (Receiving Bribes), is attending the pre-arrest detention hearing at the Seoul Central District Court in Seocho-gu, Seoul on the morning of August 12, 2025. Photo by Joint Press Corps

The special prosecutor's team announced to the media that morning, "Today, we have begun search and seizure operations at 10 locations, including Wellbiotech, its subsidiaries and affiliated companies, and the residences of suspects, in connection with the case involving stock price manipulation using Wellbiotech's Ukraine reconstruction project."

Wellbiotech is a company in which Lee Iljun, chairman of Sambu Construction, is the largest shareholder. In May 2023, Wellbiotech participated in the Ukraine Reconstruction Forum. Afterward, it was classified as a "Ukraine reconstruction theme stock," and its stock price soared along with Sambu Construction. At that time, Wellbiotech's share price jumped from the 1,400-1,500 won range to just over 5,000 won.

The special prosecutor's team is reportedly focusing on the large-scale sale of convertible bonds (CB) that Wellbiotech carried out during the surge in its stock price in 2023.

Previously, the special prosecutor team led by Chae Sangbyeong (Special Prosecutor Lee Myeonghyeon) reportedly discovered that Lee Jongho, former CEO of Black Pearl Invest and a close aide to Kim Geonhee, earned tens of millions of won in profits from trading the stocks of Sambu Construction and Wellbiotech during the period when stock price manipulation allegations were raised. The special prosecutor's team is expected to use this search and seizure to investigate possible links to Kim Geonhee.

Meanwhile, the special prosecutor's team has requested a public wanted notice for Lee Gihun, vice chairman of Sambu Construction and chairman of Wellbiotech, who failed to appear at a detention hearing and fled on July 17.

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