Former and Current Sambu Construction Chairmen Say "Do Not Know First Lady Geonhee Kim"

"High Likelihood It Will End as Just a Happening"
Special Prosecutor Accelerates Probe into Stock Price Manipulation

Iljun Lee, chairman of Sambu Construction (left), and Seongok Cho, former chairman of Sambu Construction, are appearing at the special prosecutor's office set up in the KT Gwanghwamun Building West in Jongno-gu, Seoul, on the 10th to undergo investigation by the Min Joonggi special prosecutor team probing allegations related to First Lady Geonhee Kim. Photo by Yonhap News

The current and former chairmen of Sambu Construction, who were summoned and questioned by the Min Joonggi special prosecutor team investigating allegations surrounding First Lady Geonhee Kim, testified that they do not know her.

According to legal sources on July 11, Iljun Lee, chairman of Sambu Construction, who was summoned as a suspect by the special prosecutor team on the previous day, underwent about 16 hours of questioning and returned home late at night.

After the investigation, Chairman Lee told reporters regarding his relationship with First Lady Kim and Jongho Lee, former CEO of Black Pearl Invest, "The special prosecutor team asked me everything, but I swear I do not know them," adding, "If things go wrong, this could end up as just a happening. That is very likely." Former Chairman Seongok Cho also told reporters that he does not know either First Lady Kim or the former CEO Lee. Chairman Lee and former Chairman Cho are known as key figures implicated in the alleged stock price manipulation of Sambu Construction.

The special prosecutor team is investigating the background of the sharp rise in Sambu Construction's stock price after the government pledged support by attending the Ukraine Reconstruction Forum in 2022-2023, even though Sambu Construction had no real intention of participating in Ukraine’s reconstruction. Two months after the forum, former President Yoon and First Lady Kim visited Ukraine, discussed reconstruction projects with President Volodymyr Zelenskyy, and Sambu Construction’s stock price surged.

The special prosecutor team is investigating whether First Lady Kim, Lee, the former CEO known as the manager of her accounts, and former Minister of Land, Infrastructure and Transport Hee-ryong Won?who is suspected of laying the groundwork for the stock price surge by attending the forum?were involved in this process.