"The Most Prepared and High-Profile Case... First Compulsory Investigation"
Search and Seizure Conducted at 13 Locations Including Sambutogeon Headquarters
On the 3rd, the press waited in front of the building in Jongno-gu, Seoul, where Sambutogeon is located, as the Minjungki Special Prosecutor's Team investigating various allegations surrounding Kim Gunhee, the wife of former President Yoon Seokyeol, conducted a search and seizure of Sambutogeon. Photo by Yonhap News
The Min Jungki Special Prosecutor's Team, which is investigating various allegations involving Kim Gunhee, has launched its first compulsory investigation into the stock manipulation allegations against Kim.
On July 3, the Kim Gunhee Special Prosecutor's Team conducted search and seizure operations at a total of 13 locations, including six companies such as Sambutogeon and seven residences of suspects, in connection with the Sambutogeon stock manipulation allegations. Among the nearly ten cases under investigation by the special prosecutor's team, the Sambutogeon stock manipulation case became the first official investigation.
A member of the special prosecutor's team stated, "Sambutogeon was searched first because it was the most prepared and met the criteria of being a case of significant public interest," adding, "This is the first compulsory investigation among the various cases specified by the Special Prosecutor Act."
Regarding suspicions that Sambutogeon may have attempted to destroy evidence, such as recently relocating its headquarters, the official said, "We conducted search and seizure operations at both the previous and current headquarters," and added, "We are aware of such circumstances, and if evidence of destruction emerges, it will naturally become a subject of investigation."
The Sambutogeon stock manipulation allegations had received relatively less attention compared to the widely known Deutsche Motors stock manipulation case.
Previously, the Financial Services Commission's Securities and Futures Commission reported more than ten individuals, including former and current de facto owners and CEOs of Sambutogeon, to the prosecution for violations such as the prohibition of unfair trading under the Capital Markets Act. Kim Gunhee and Lee Jongho, the former CEO of Black Pearl Investment and known as Kim's account manager, were not included in the initial complaint because "no connection to unfair trading was found."
The Financial Services Commission believes that these individuals deceived investors by making it appear as though they were about to launch overseas reconstruction projects, artificially inflating the stock price and then selling their holdings to gain hundreds of billions of won in illicit profits. Lee, the former CEO, is suspected of participating in the manipulation by sending a message reading "Sambu check" in a group messenger chat before the stock price surged.
The Seoul Southern District Prosecutors' Office, which took over the case, directed the Financial Supervisory Service to investigate, and the special prosecutor's team subsequently received the case.
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