Kim Keonhee Special Prosecutor to Indict Sambu Construction Stock Manipulation 'Key Man' Lee Kihun Tomorrow Under Detention

'Jongmyo Tea Gathering' Investigation Gains Momentum

The special prosecutor team led by Min Jungki, which is investigating various allegations surrounding Kim Keonhee, will refer Lee Kihun, Vice Chairman of Sambu Construction and Chairman of Wellbiotech, to trial under detention on the 26th. Lee Kihun is considered a key figure in the stock price manipulation of Sambu Construction and was apprehended 55 days after fleeing to evade the special prosecutor team's investigation.

Yonhap News Agency

Kim Hyeonggeun, the assistant special prosecutor, stated at a regular briefing on this day, "We plan to indict Lee Kihun, Vice Chairman of Sambu Construction and Chairman of Wellbiotech, under detention tomorrow on charges of manipulating Sambu Construction's stock price," adding, "The investigation into his alleged involvement in manipulating Wellbiotech's stock price will continue even after the indictment."

The special prosecutor team viewed Lee Kihun as a key figure in the Sambu Construction stock manipulation case and requested an arrest warrant in July. However, he did not appear at the warrant review and went on the run. After fleeing, Lee Kihun continued to evade authorities in Gapyeong, Gyeonggi Province; Mokpo, South Jeolla Province; and Uljin, North Gyeongsang Province. He had been staying at a villa in Mokpo since last month and was arrested by the special prosecutor team on the 10th.

Lee Kihun, along with Chairman Lee Iljun, former CEO Lee Eunggeun, and former Chairman Cho Seongok, is accused of participating in the manipulation of Sambu Construction's stock price between May and September 2023 and obtaining illicit gains worth several tens of billions of won.

The special prosecutor team believes that Sambu Construction deceived investors by distributing press releases in May 2023, claiming to have signed various business agreements with local governments in Poland during the Ukraine Reconstruction Forum, thereby creating the impression that the company would participate in reconstruction projects. Classified as a Ukraine reconstruction-related stock, Sambu Construction's share price, which was in the 1,000-won range in May 2023, soared to as high as 5,500 won during intraday trading two months later.

The investigation into allegations of stock price manipulation at Wellbiotech, which was also led by Lee Kihun, is expected to continue. Wellbiotech, together with Sambu Construction, is suspected of deceiving investors and manipulating prices by creating the appearance of participating in the Ukraine reconstruction project in May 2023. The special prosecutor team has been investigating Lee Kihun as the link connecting Sambu Construction and Wellbiotech.

Chairman Lee Iljun and former CEO Lee Eunggeun were indicted and are currently on trial as of early last month.

'Jongmyo Tea Gathering Allegation' Investigation in Full Swing

Additionally, the special prosecutor team announced plans to summon the head of the Palaces and Royal Tombs Center as a witness at 10 a.m. on the 26th in connection with the 'Jongmyo Tea Gathering Allegation.'

Kim Keonhee, the spouse of former President Yoon Sukyeol, is attending the first trial related to charges including bribery under the Act on the Aggravated Punishment of Specific Crimes, violations of the Capital Market Act, and the Political Funds Act at the Seoul Central District Court in Seocho-dong, Seoul, on the 24th. <2025. 09.24 Photo by Joint Press Corps>

Kim Keonhee is suspected of having held a tea gathering with outsiders at Mangmyoru in Jongmyo, Seoul, in September last year. The Palaces and Royal Tombs Center is the agency responsible for managing the palaces, Jongmyo, Sajik, and royal tombs of the Joseon Dynasty, and use of Jongmyo requires the permission of the head of the center.

After criticism arose that a major national historic site was used for personal purposes, Lee Jaepil, head of the Palaces and Royal Tombs Center, appeared before the National Assembly and stated, "It was indeed for private use."

The special prosecutor team is reportedly investigating how Kim Keonhee obtained permission from the Palaces and Royal Tombs Center through the presidential office. In this regard, the team is reviewing various legal theories, including the possible application of charges such as abuse of authority against Kim Keonhee.

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