'Edison Motors Chairman Kang Young-kwon Faces Warrant Hearing on the Morning of the 7th for Stock Manipulation Charges'

[Asia Economy Reporter Yoo Byung-don] The pre-arrest detention hearing (warrant substantive examination) for Kang Young-kwon, chairman of Edison Motors, and three other related individuals, who are suspected of stock price manipulation following the failed acquisition of Ssangyong Motor, will be held on the 7th.

The Seoul Southern District Court will conduct the warrant substantive examination for Chairman Kang and three Edison Motors affiliates at 10:30 a.m. that day. The previous day, the three, including Chairman Kang, did not appear at the hearing scheduled for 10:30 a.m. at the Seoul Southern District Court. It is reported that they requested a postponement from the court just before the hearing.

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

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

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

After detecting Edison Motors' alleged violations of the Capital Markets Act and unfair trading practices, 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.