Accused of stock price manipulation and acquisition of undue profits in collusion with Kwon Oh-su and others
▲ Kwon Oh-soo, former chairman of Deutsche Motors, attends a trial on the 15th at the Seoul Central District Court in Seocho-gu, Seoul on violation of the Capital Market and Financial Investment Business Act. 2022.7.15 News 1
An executive at an investment advisory firm, who is suspected of participating in the manipulation of stock prices by conspiring with those involved in ‘Deutsche Motors’ stock price manipulation’ and obtaining unfair profits, denied the allegations in the first trial.
On the 27th, the 25-2 Criminal Agreement of the Seoul Central District Court (heads Park Jeong-je, Park Sa-rang, and Park Jeong-gil) held the first trial once morest Mr. Min, who was arrested and indicted for violating the Capital Markets Act.
Min is accused of colluding with former Deutsche Motors chairman Kwon Oh-soo, so-called professional market price manipulators, investment advisors, and incumbent securities company executives and employees to artificially increase stock prices in an abnormal way from December 2009 to December 2012. Prosecutors believe that Mr. Min gained 10.7 billion won in illicit profits through such manipulation of stock prices.
Min’s lawyer insisted, “There was no collusion with former chairman Kwon and others, and he did not plan to manipulate stock prices or take any direct action that might be seen as specifically manipulating the market price.” He continued, “There is no fact that Mr. Min actually obtained an unfair advantage,” he emphasized.
Regarding the stock price manipulation case, former Chairman Kwon and others used 157 accounts of 91 people for regarding 3 years to disguise and control over Deutsche Motors stock (an act of two or more people setting the stock price and volume in advance and raising the price by trading) trading, He is being tried on charges of manipulating stock prices through high-price purchases.
Prosecutors demanded 8 years in prison, a fine of 15 billion won, and an additional fine of 8.136 billion won in the decision trial of former chairman Kwon.
▲ Representatives of the Democratic Party of Korea, Lee Jae-myeong, floor leader Park Hong-geun, and other lawmakers are holding pickets calling for an investigation of first lady Kim Kun-hee at the general meeting of lawmakers held at the National Assembly in Yeouido, Seoul on the 17th. 2023.1.17 Reporter Janghwan Oh
Min is a person suspected of ordering the creation of an Excel file titled ‘Kim Gun-hee’ found in the office of the investment advisory firm where he worked.
The file caused controversy because it contained the withdrawal details and balances of securities accounts under the name of Mrs. Kim Kun-hee in January 2011, which is known to have been the time when the stock manipulation forces carried out the second operation. Regarding this, Mr. Min appeared as a witness at Chairman Kwon’s trial in December of last year and denied, “It is the first file I have seen and the contents I do not know.”
With the first trial of Kwon scheduled for the 10th of next month and Min being tried in custody, it is noteworthy whether an investigation into the suspicion of ‘Jeonju’ of Deutsche Motors’ stock price manipulation by Mrs. Kim will be carried out.
Reporter Park Sang-yeon
