[Featured Stock] 'Market Manipulation Allegations' Ssangbangwool Raided... Ssangbangwool Down 21%

[Asia Economy Reporter Kwon Jae-hee] The stock price of Ssangbangwool Group, which had entered the bidding for Ssangyong Motor acquisition, is plummeting.

According to the Korea Exchange on the 23rd, as of 3:28 PM, Ssangbangwool Group's stock price is trading at 564 won, down 21.12% from the previous trading day.

The stock price is believed to have sharply dropped following news that the prosecution is conducting a search and seizure on Ssangbangwool Group on suspicion of market manipulation.

On the same day, the Criminal Division 6 of Suwon District Prosecutors' Office dispatched investigators to Ssangbangwool Group's headquarters and conducted a search and seizure.

In April 2020, Ssangbangwool Group issued convertible bonds (CB) worth 4.5 billion won. The CBs that were repaid early were resold last June to five unidentified individuals. It is reported that they exercised their conversion rights on the same day, earning up to 5 billion won in capital gains.

The prosecution plans to focus its investigation on whether market manipulation occurred during this process and where the proceeds from the sale flowed.