Jung Changrae Denies Ties to Yoon and Won Heeryong
The special prosecutor team led by Min Jungki, which is investigating allegations surrounding First Lady Kim Keonhee, summoned Oilok President Oh and former President Jung Changrae of Sambu Construction on July 9.
The special prosecutor's team began questioning former President Jung and President Oh at around 10:00 a.m. on the same day.
At approximately 9:50 a.m., former President Jung arrived at the special prosecutor's office, located in the KT Gwanghwamun West Building in Jongno-gu, Seoul. When asked by reporters whether he admitted to stock price manipulation charges, he replied, "I will explain myself inside." In response to a question about whether he knew former Minister of Land, Infrastructure and Transport Won Heeryong or former President Yoon Sukyeol, he said, "I have no connection to them whatsoever. There is no relationship at all."
The special prosecutor's team is expected to question former President Jung and President Oh about the circumstances that led to Sambu Construction's stock price surging after participating in the "Ukraine Reconstruction Forum" held in Poland in May 2023, as well as the possible connection between the event and the stock price movement.
Since conducting a search and seizure at Sambu Construction on July 3, the special prosecutor's team has been summoning related individuals daily to investigate the context surrounding the Ukraine Reconstruction Forum. On July 4, they questioned former President Lee Eunggeun, and on July 6, they summoned a former employee who attended the forum. On July 8, they summoned Yang Yongho, Chairman of the Eurasia Businessmen's Association, and Shin Gyucheol, former Head of Sambu Construction's Management Division.
The Eurasia Businessmen's Association, a non-profit organization reportedly responsible for hosting the Ukraine Reconstruction Forum, is suspected of providing the catalyst for Sambu Construction's stock price surge by associating the company with "Ukraine reconstruction beneficiary stocks." At the time, key figures such as Chairman Yang, former Minister Won, and former President Lee attended the forum, which is believed to have contributed positively to Sambu Construction's stock price.
The special prosecutor plans to summon Chairman Lee Iljun for questioning on July 10. Chairman Lee became the largest shareholder of Sambu Construction in February 2023, three months before the Ukraine Reconstruction Forum, by acquiring shares owned by former Chairman Cho Sungok through his cosmetics company DYD and others.
Sambu Construction is suspected of deceiving investors by creating the impression that it would pursue business opportunities?such as signing various business agreements with local governments?following the Ukraine Reconstruction Forum hosted by the Eurasia Businessmen's Association in Poland in May 2023, thereby inflating its stock price and then selling its shares to make illicit profits.
Lee Jongho, former CEO of Black Pearl Investment, who played the role of "control tower" in the Deutsche Motors stock manipulation case, is suspected of participating in price manipulation after it was discovered that he left a message reading "Sambu check tomorrow" in a group messenger chat before Sambu Construction's stock price surged.
First Lady Kim Keonhee is also under investigation. This is because she is known to have a personal relationship with former President Lee and there are indications that government agencies provided indirect support for Sambu Construction's participation in the Ukraine reconstruction project. Former Minister Won is also being investigated due to suspected connections.
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