High Likelihood of Warrant Issuance Due to Lee's History of Fleeing
Decision Expected as Early as Late Tonight
Investigation Into "Kim Kunhee Connection" Expected to Gain Momentum if Lee Is Detained
According to the legal community on September 12, Lee is not expected to attend the warrant review scheduled for 3:30 p.m. that day at the Seoul Central District Court, presided over by Judge Lee Jungjae. Lee expressed his intention to forgo the hearing and remained in the Seoul Detention Center where he is currently being held.
When a suspect does not attend the warrant review, it means forfeiting the opportunity to explain the charges in person to the judge. The court will decide whether to issue an arrest warrant for Lee based solely on the investigation records and evidence submitted by the special investigation team. The result is expected to be announced as early as late in the evening of the same day. Given Lee's history of fleeing, there is a strong possibility that the warrant will be issued.
Lee is accused of participating in the stock price manipulation of Sambu Construction from May to September 2023, obtaining illicit gains worth several tens of billions of won.
The special investigation team believes that Sambu Construction deceived investors by distributing press releases in May 2023, claiming to have signed various business agreements with local governments in Poland during the Ukraine Reconstruction Forum, thereby creating the impression that it would participate in reconstruction projects. Sambu Construction, classified as a Ukraine reconstruction-related stock, saw its share price soar from the 1,000 won range in May 2023 to an intraday high of 5,500 won two months later.
The special investigation team has also gained momentum in its probe into allegations of stock price manipulation at Wellbiotech, led by Lee. Wellbiotech, alongside Sambu Construction, is suspected of manipulating share prices by deceiving investors into believing it would participate in the Ukraine reconstruction project in May 2023. The investigation team has viewed Lee as the link connecting Sambu Construction and Wellbiotech.
The special investigation team considered Lee the key figure in the Sambu Construction stock manipulation case and requested an arrest warrant in July. However, he did not attend the warrant review and went on the run. After fleeing to various locations, including Gapyeong in Gyeonggi Province, Mokpo in South Jeolla Province, and Uljin in North Gyeongsang Province, it was revealed that he had been staying at a villa in Mokpo, where he was eventually apprehended last month.
Once Lee is in custody, the investigation into the stock price manipulation at Wellbiotech, which he allegedly orchestrated, is expected to accelerate, as well as efforts to uncover any links to Mrs. Kim.
Previously, it was revealed that Lee Jongho, former CEO of Black Pearl Invest and an aide to Mrs. Kim, left a message in a group chat saying "Sambu, check tomorrow" just before the sharp rise in Sambu Construction's stock price, raising suspicions about Mrs. Kim's possible involvement in stock manipulation. Lee Jongho was responsible for managing Mrs. Kim's account in the Deutsche Motors stock manipulation case. However, as the special investigation team could not find further evidence, Lee Jongho was only indicted for violating the Attorney-at-Law Act.
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