The special prosecutor team led by Min Jungki, which is investigating allegations related to First Lady Kim Keonhee, has reportedly obtained testimony from the organizers of the "Ukraine Reconstruction Forum" supporting suspicions of market manipulation by Sambu Construction.
According to legal sources on July 11, Yang Yongho, president of the Eurasia Economic Association, gave this testimony during an interview with the special prosecutor team on July 8.
The Eurasia Economic Association hosted the Ukraine Reconstruction Forum in Poland in May 2023. Sambu Construction is suspected of deceiving investors by creating the impression that it would pursue reconstruction projects as a result of attending this forum, artificially inflating its stock price, and then selling its shares to gain illicit profits.
Yang reportedly told the special prosecutor team, "Anyone could participate in the forum by simply paying a 1 million won membership fee, but media reports made it appear as if Sambu Construction attended by special invitation from the association," adding, "I thought they were trying to present themselves in this way for stock price management purposes."
He also testified that Sambu Construction was just one of several small and medium-sized companies that attended the forum by paying the 1 million won fee, but issued press releases making it seem as though it had been included as a major company invited to accompany then-Minister of Land, Infrastructure and Transport Won Heeryong.
Based on Yang's testimony, the special prosecutor team appears to have questioned Sambu Construction CEO Oh Illok and other former and current de facto owners about the market manipulation allegations in subsequent summonses.
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