[La Deok-yeon Gate] 'SG Incident' La Deok-yeon at a Crossroads of Detention... Silent on Whether He Admits Charges

La Deok-yeon, CEO of Hoan, involved in the 'SG Securities Stock Price Crash Incident,' appeared in court at around 10:10 a.m. on the 11th for a pre-trial detention hearing (warrant review).

[Image source=Yonhap News]

On the 11th, Yuh Hwan-woo, the warrant-specialized chief judge at the Seoul Southern District Court, conducted the warrant review for CEO La, who is facing charges of violating the Capital Markets Act and the Act on the Aggravated Punishment of Specific Economic Crimes related to concealment of criminal proceeds, at around 10:30 a.m.

After stepping down from the transport vehicle, CEO La headed to the courtroom without responding to reporters' questions such as whether he admits to the charge of market manipulation and why he told investors that detection would not occur.

At around 10:10 a.m. on the 11th, CEO Ra Deok-yeon Hoan appeared at the Seoul Southern District Court for a pre-trial detention hearing. Photo by Hwang Seoyul chestnut@

The Joint Investigation Team, composed of the Seoul Southern District Prosecutors' Office Financial Securities Crime Joint Investigation Unit, the Financial Services Commission, and the Financial Supervisory Service, arrested CEO La on the morning of the 9th and conducted an investigation before filing a detention warrant request for him at 11:30 p.m. the previous day. La’s closest aide, Byun Mo, and former professional golfer Ahn Mo, both known as part of the stock price manipulation group, were also arrested on the afternoon of the 9th.

The 'SG Securities Stock Price Crash Incident' refers to the case where eight stock items sold through SG Securities have hit the daily lower limit continuously since the end of last month, raising suspicions of stock price manipulation. CEO La and his accomplices are suspected of artificially boosting stock prices through collusive trading.

※ This SG Securities Stock Price Crash Incident has sounded an alarm for the order of the capital market. Readers’ tips will be a great help in uncovering the truth. We welcome any reports regarding investment damage cases, suspicions of stock price manipulation and asset concealment by La Deok-yeon’s side, and insider details related to the mass sale by major shareholders of Dow Data and Seoul Gas (jebo1@asiae.co.kr). Asia Economy will do its best to establish a transparent capital market order.