'Edison Motors Chairman Kang Young-kwon and Others Accused of Stock Manipulation Absent from Warrant Hearing'

Request to Postpone Just Before Attendance... Rescheduling of Subsequent Interrogation Date Confirmed

[Asia Economy Reporter Yoo Byung-don] The detention hearing (warrant substantive examination) was postponed once as three related persons, including Kang Young-kwon, chairman of Edison Motors, did not attend the hearing.

According to the prosecution on the 6th, Chairman Kang and the other two did not attend the warrant substantive examination held at 10:30 a.m. at the Seoul Southern District Court. It was confirmed that they applied for a postponement just before the scheduled time. The date for the subsequent hearing is yet to be decided.

The Joint Investigation Team for Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office had requested pre-arrest warrants for the three on the 4th on charges including violation of the Capital Markets Act.

Edison EV (now Smart Solutions), a listed company that was the funding channel for Edison Motors, saw its stock price surge on news of the attempted acquisition of Ssangyong Motor, but the merger fell through after failing to secure acquisition funds.

During this process, the major shareholder investment association sold most of its shares and realized profits, causing general shareholders to suffer losses, which led to allegations of stock price manipulation. Edison EV, whose trading was suspended, filed for bankruptcy in court in May.

After detecting Edison Motors' suspected violations of the Capital Markets Act and unfair trading, the Financial Supervisory Service transferred the case to the Seoul Southern District Prosecutors' Office via a 'fast track' process, bypassing the Securities and Futures Commission review for swift prosecution.