Special Prosecutor Deems Kim Gunhee a 'Co-Conspirator' in Stock Manipulation... "Substantial Evidence of Collusion Secured"

Special Prosecutor: "Sufficient Awareness and Distinct Role in Stock Price Manipulation"

The special prosecutor investigating the alleged stock price manipulation case involving Kim Gunhee announced on August 29 that it has secured substantial evidence indicating that Mrs. Kim was not merely a financial backer but was actively involved in a conspiracy.

Mrs. Kim Gunhee. Yonhap News

During a press briefing that day, a member of the special prosecutor's team stated, "Contrary to the explanations and arguments presented by Kim Gunhee's side, we have determined that there was sufficient awareness of the stock price manipulation and a clear division of roles," adding, "We have also secured a significant amount of evidence regarding these aspects."

Previously, the investigation team at the Seoul Central District Prosecutors' Office, which handled the case, concluded that Mrs. Kim was not involved and cleared her of any charges. When asked whether new evidence had been obtained, the special prosecutor's team responded, "We have secured substantial evidence that Kim Gunhee was not simply a financial backer but was sufficiently involved in a conspiracy."

The special prosecutor's team believes that Mrs. Kim had full awareness of the stock price manipulation and played a distinct role. This suggests that she is considered a principal offender, on the same level as other individuals who have been found guilty of manipulating the stock price of Deutsche Motors, and thus is regarded as an accomplice (co-principal) alongside them.

Mrs. Kim is accused of conspiring with former Deutsche Motors Chairman Kwon Ohsoo and former Black Pearl Invest CEO Lee Jongho from October 2010 to December 2012 to manipulate the stock price of Deutsche Motors, thereby obtaining illicit gains of approximately 810 million won, in violation of the Capital Markets Act.

While Mrs. Kim's side has consistently claimed that she "does not know much about stocks" and was neither involved in nor aware of the stock price manipulation, the special prosecutor's team maintains that Mrs. Kim was deeply implicated in the scheme.