1st Day 3 PM Warrant Hearing... Detention Decision Expected Late Afternoon
[Asia Economy Reporter Kim Hyung-min] The prosecution investigating the Deutsche Motors stock manipulation case has entered a new phase as it moves to secure the custody of a key figure involved in the creation of the so-called 'Kim Gun-hee file,' breaking the stalemate in the investigation.
The Anti-Corruption Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Young-chul) filed an arrest warrant for A (52), an executive of an investment advisory firm, on the 1st. A's pre-arrest detention hearing (warrant substantive examination) will also be held at 3 p.m. on the same day, presided over by Judge Kim Se-yong, who is in charge of warrants. The decision on detention is expected to be made as early as late afternoon on the same day.
A is accused of conspiring with Chairman Kwon Oh-soo of Deutsche Motors and others to artificially inflate Deutsche Motors' stock price through market manipulation from December 2009 to December 2012, violating the Capital Markets Act. Chairman Kwon was previously indicted on the same charges on December 3 last year. This case has attracted public attention due to allegations that Kim Gun-hee, spouse of President Yoon Seok-youl, is involved.
A is particularly suspected of being involved in creating an Excel file named 'Kim Gun-hee.' This file reportedly contains details such as the number of Deutsche Motors shares traded under Kim's name on January 13, 2011. The file was disclosed by the prosecution during a trial on August 26. The prosecution secured this file from a computer in A's company office in September last year. During the prosecution's investigation last year, A suddenly left for the United States and was placed on Interpol's red notice. After the prosecution pressured him by invalidating his passport and other measures, he returned to Korea on the 29th of last month. The prosecution arrested A at Incheon International Airport.
If A is detained, the prosecution plans to question him about the circumstances under which he created the file under Kim's name and whether Kim was involved in the stock manipulation. According to political and legal circles, the statute of limitations for the Deutsche Motors stock manipulation case is set to expire on the 7th, drawing attention to whether the prosecution's investigation will proceed swiftly in the coming week. Ultimately, A's statements during the prosecution's investigation and trial will be crucial. A is also scheduled to appear as a witness and be questioned at the trial of Chairman Kwon and others, presided over by the Seoul Central District Court Criminal Division 23 (Chief Judge Jo Byung-gu), on the 2nd.
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