Financial Supervisory Service Conducts Search and Seizure on 'Battery Ajusshi' Park Soon-hyuk for Insider Trading Allegations

Informing Director Seondaein about Geumyang Information
Accused of Illegally Gaining Benefits Worth 700 Million Won
Also Preparing to Join Hands for New Party Formation

The Capital Market Special Judicial Police (Special Judicial Police) of the Financial Supervisory Service conducted a search and seizure at the residence of Park Soon-hyuk, an artist known as the "Battery Uncle" and former PR director of Geumyang. According to the financial investment industry on the 22nd, the Special Judicial Police conducted the search and seizure at Park's residence around 4:30 PM the previous day on suspicion of violating the Capital Markets Act. He is suspected of using undisclosed information to enable Seon Dae-in, head of the Seon Dae-in Economic Research Institute, to obtain unfair profits worth approximately 700 million won.

Last August, while Park was serving as the PR director of Geumyang, he secretly conveyed to Seon that Geumyang was pushing to sign a memorandum of understanding (MOU) with a local lithium resource development company in Congo. Seon used this information to purchase 83,837 shares of Geumyang stock, gaining unfair profits totaling approximately 755.76 million won. The Special Judicial Police are investigating Seon simultaneously, as well as Mr. A, the CEO of Nextera Investment Discretionary, where Park held the position of head of the operations division.

Park and Seon recently attracted attention after it was revealed that they are preparing to establish a new political party ahead of the general election scheduled for April next year. They are preparing a new party tentatively named the "Financial Reform Party," aiming to secure five proportional representation seats in the National Assembly based on support from individual investors. Seon and Park are expected to serve as co-representatives of the party.