[Breaking] Prosecution Declines Indictment of Kim Gun-hee in Connection with 'Deutsche Motors Stock Manipulation' Case

Mrs. Kim Geon-hee. [Photo by Yonhap News]

The prosecution investigating allegations that First Lady Kim Keon-hee, wife of President Yoon Suk-yeol, was involved in stock price manipulation of Deutsche Motors has decided not to indict her, citing 'no charges.' This comes four years and six months after the prosecution received the complaint in April 2020 and began the investigation.

On the 17th, the Anti-Corruption Investigation Division 2 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Choi Jae-hoon) decided not to indict Kim and her mother, Choi Eun-soon, who were accused of involvement in the Deutsche Motors stock price manipulation case.

Although Son, who acted as the 'jeonju (錢主)'?a financier role?like Kim, was recently found guilty of aiding and abetting in the appellate court, the prosecution concluded that it is difficult to indict Kim on charges of aiding stock price manipulation when considering the legal principles and evidence comprehensively.

The prosecution explained the background, stating, "It is difficult to recognize that Kim conspired with the main perpetrators or participated in the crime by entrusting account management or placing stock trading orders while being aware or foreseeing their market manipulation crimes, so prosecution is not possible."

Kim was accused of violating the Capital Markets Act by conspiring with former Deutsche Motors Chairman Kwon Oh-soo to entrust six securities accounts to Lee, introduced by former Chairman Kwon, or trade stocks at Kwon's request from January to November 2010, thereby participating in market manipulation.