"Im Chang-jung, Hard to Believe He Was Unaware of Stock Manipulation" SG-Triggered Plunge Case Lawyer

Han Sang-jun, the legal representative of the victims of the stock price crash incident caused by the French securities firm Soci?t? G?n?rale (SG) Securities, claimed that it is difficult to believe that singer Lim Chang-jung was completely unaware of the stock price manipulation suspicions.

[Image source=Yonhap News]

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In an interview with CBS Radio's 'Kim Hyun-jung's News Show' on the 2nd, Lawyer Han said about Lim, "Just encouraging investment (at the investors' meeting) and praising Ra Deok-yeon does not necessarily mean there was clear awareness or conditional intent regarding the collusive trading," but he also pointed out, "If Lim had a relationship with Ra Deok-yeon, it is hard to believe that he was completely unaware of the matter."

On the previous day (the 1st), JTBC's 'Newsroom' released a video from last December of an investors' meeting hosted by a golf company related to the recent stock price crash incident. In the video, Lim, standing before the audience, refers to Ra Deok-yeon, the CEO of H Investment Advisory, who is suspected to be the mastermind behind the stock manipulation group, saying, "(I) still entrust money to that guy. It's like a religion."

[Image source=JTBC news screen capture]

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He also says, "You're doing well. Because that guy who took my money is amazing. Right or not?" and among the investors, someone responds, "Hallelujah, we believe."

Lim then tells CEO Ra, "I'll give you exactly one month until the end of next month. If you don't provide the returns I want, I'll disband all of this," adding, "Be great! This is how a religion is born."

Regarding this, Lawyer Han said, "Lim has already posted an explanation about this part. While that explanation is not incomprehensible, Lim is a public figure."

He continued, "The important issue is whether he had clear prior knowledge or whether he knowingly tolerated and executed stock manipulation activities," emphasizing, "Evidence that can clearly prove this will be uncovered through the prosecution's investigation."

Meanwhile, Lim's side explained to JTBC regarding the video released on the 1st, "It is true that some statements that could be misunderstood were made to create the atmosphere of the meeting at the time, but we did not encourage investment."

Previously, Lim also claimed that he himself was a victim of the manipulation group. Lim stated that he invested 1.5 billion KRW each through bank accounts in his and his wife's names to the stock manipulation group, but ultimately lost all the principal and incurred a debt of 6 billion KRW.

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