Lee Seunggi's father-in-law, Lee Mo (age 57), has been arrested on charges of manipulating stock prices for illicit gains.
On April 29, the Seoul Southern District Prosecutors' Office Financial and Securities Crime Joint Investigation Division (headed by Chief Prosecutor Ahn Changju) announced that Lee had been detained on suspicion of violating the Capital Markets Act.
According to prosecutors, Lee is accused of manipulating stock prices by placing orders to control market prices or leaking information regarding two listed companies, including the renewable energy firm Quantapia. Prosecutors also identified circumstances in which Lee allegedly received money or valuables from a Korea Exchange official under the pretense of lobbying.
Quantapia was fined 60 million won by the Securities and Futures Commission in December last year for falsely recording its cost of sales in 2018 and forging documents requested by auditors. Subsequently, its stock trading was suspended by the Korea Exchange.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
