Eurasia Economic Association Chairman and Former Sambutogeon Management Head Summoned
Investigation Expected on Circumstances of Sambutogeon's Participation in Ukraine Forum
The special prosecution team led by Min Jungki, investigating allegations surrounding First Lady Kim Keonhee, is accelerating its probe by summoning a series of individuals connected to the 'Sambutogeon stock price surge allegations.'
The special prosecution team led by Min Jungki and Kim Gunhee is seen carrying seized items after completing a search and seizure at the building housing Sambutogeon in Jongno-gu, Seoul on the 3rd. Photo by Yonhap News
On July 8, the Kim Keonhee special prosecution team announced, "At 10 a.m. today, we summoned Yang Yongho, chairman of the Eurasia Economic Association, and Shin Gyucheol, former head of management at Sambutogeon, for questioning." Yang is being questioned as a witness, while Shin is being questioned as a suspect.
The Eurasia Economic Association signed a memorandum of understanding with Sambutogeon regarding the reconstruction of Ukraine, which served as the catalyst for Sambutogeon being grouped as a 'Ukraine reconstruction beneficiary stock' and for its subsequent stock price surge.
Sambutogeon is suspected of misleading investors into believing it would pursue business in connection with various agreements made with local governments during the Ukraine reconstruction forum hosted by the Eurasia Economic Association in Poland in May 2023, inflating its stock price, and then selling its shares to gain illicit profits.
Key figures such as Chairman Yang, former Minister of Land, Infrastructure and Transport Won Heeryong, and former Sambutogeon CEO Lee Eunggeun attended the forum at the time, and it is analyzed that their participation had a positive impact on Sambutogeon's stock price.
The special prosecution team is expected to focus its investigation on Chairman Yang regarding the circumstances under which the Eurasia Economic Association organized the Ukraine reconstruction forum and the process by which Sambutogeon became involved in the business. Regarding former head Shin, the investigation is reportedly focusing on him as someone with detailed knowledge of the changes in Sambutogeon's shareholding structure around 2023.
The Kim Keonhee special prosecution team is speeding up efforts to uncover the facts by summoning key figures implicated in the Sambutogeon stock manipulation allegations. On July 7, the team also summoned a person surnamed Han, who served as a director of the Eurasia Economic Association, and conducted a witness interview for about 15 hours. Although Han did not attend the forum in Poland and claimed not to know the details, it is reported that he stated former Minister Won was not involved in planning the forum behind the scenes.
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