Investigation into Circumstances of Sambu Construction's Involvement in Ukraine Reconstruction Project
The Minjungki Special Prosecutor's Team, which is investigating allegations surrounding Kim Gunhee, has summoned Yang Yongho, Chairman of the Eurasia Economic Association, for questioning. This association is a private organization that hosted the Ukraine Reconstruction Forum, which served as the catalyst for the sharp rise in Sambu Construction's stock price.
On the 3rd, investigators headed to the building housing the office of Sambu Construction in Jongno-gu, Seoul, where the Minjungki Special Prosecutor's Team, investigating various allegations surrounding Kim Gunhee, the wife of former President Yoon Sukyeol, conducted a search and seizure of Sambu Construction. Photo by Yonhap News
On the 8th, the Kim Gunhee special prosecutor's team announced, "At 10 a.m. today, we summoned Yang Yongho, Chairman of the Eurasia Economic Association, and are currently questioning him." Yang is reportedly being questioned as a reference witness.
The Eurasia Economic Association signed a memorandum of understanding with Sambu Construction regarding Ukraine reconstruction, which provided the trigger for Sambu Construction to be grouped as a "Ukraine reconstruction beneficiary stock," leading to a sharp increase in its share price.
Sambu Construction is suspected of deceiving investors by creating the appearance that it would pursue business projects through various agreements with local governments at the Ukraine Reconstruction Forum, which was hosted by the Eurasia Economic Association in Poland in May 2023, and then selling its shares after inflating the stock price to gain illicit profits.
The special prosecutor's team is expected to focus its investigation of Chairman Yang on the circumstances under which the Eurasia Economic Association promoted the Ukraine Reconstruction Forum and the process by which Sambu Construction became involved in the project.
The Kim Gunhee special prosecutor's team is accelerating efforts to uncover the facts by summoning key figures involved in the Sambu Construction stock manipulation allegations. On the 7th, the special prosecutor's team also summoned Mr. Han, who served as a director of the Eurasia Economic Association, and questioned him as a reference witness for about 15 hours. Although Mr. Han stated that he did not know the exact details because he did not attend the forum in Poland, he reportedly responded that former Minister Won did not plan the forum schedule behind the scenes.
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