'Golden Turtle Bribery' Lee Baeyong Under Second Round of Questioning
Wellbiotech Chairman Arrested... Case Resembles Sambu Stock Manipulation
The special prosecutor team led by Min Junggi, which is investigating various allegations against Mrs. Kim Gunhee, stated that it "never mentioned" the so-called "adultery frame" claimed by the defense. This was a rebuttal to Mrs. Kim's side, which argued in a bail hearing statement that the special prosecutor was constructing an adultery narrative.
The first trial of Mrs. Kim Gunhee, who was arrested and indicted on charges of stock price manipulation related to Deutsche Motors and allegations of receiving money from the Unification Church, was held on the afternoon of the 24th. Mrs. Kim is entering the courtroom. September 24, 2025. Photo by Joint Press Corps
On the 14th, a member of the special prosecutor team said at a regular briefing, "We have never used the term 'adultery' during the trial process or while presenting evidence, nor have we tried to create such an impression," adding, "We question on what grounds they make such claims and whether it is appropriate in relation to the defendant's reputation."
Mrs. Kim, who was arrested and indicted for violations of the Capital Markets Act, requested the court to allow her to stand trial without detention due to health reasons, and a bail hearing was held on the 12th. The day before the hearing, Mrs. Kim's side reportedly submitted a statement to the court, arguing that "the special prosecutor is creating an adultery narrative to shape public opinion."
On the morning of the same day, the special prosecutor team summoned Lee Baeyong, former Chairperson of the National Education Commission, for questioning regarding the "Golden Turtle bribery allegations." This was the second summons since the 6th. It is reported that she is cooperating with the investigation without refusing to testify. A member of the special prosecutor team said, "She is being questioned as a witness as of today," adding, "Whether she will be converted to a suspect status is up to the investigation team, and we will announce any changes at the appropriate time."
The special prosecutor team suspects that Mrs. Kim exerted influence in the process of Lee's appointment as Chairperson of the National Education Commission after receiving gifts. Previously, a golden turtle, suspected to have been given by Lee along with a request for a favor, was discovered in a safe owned by Mrs. Kim's younger sibling inside a nursing home operated by Mrs. Kim's mother, Choi Eunsun.
'Capital Markets Act Violation' Yang Namhee, Chairman of Wellbiotech, Arrested
On this day, the special prosecutor team arrested Yang Namhee, Chairman of Wellbiotech, who is a key figure in the alleged stock price manipulation case involving Wellbiotech. The special prosecutor team announced, "Considering the recent cases of suspects fleeing in related incidents and various other circumstances, we determined that if summoned, there was a high risk of non-compliance and flight until the end of the special investigation, so we obtained an arrest warrant from the court."
The special prosecutor team plans to request a detention warrant for Chairman Yang as soon as the investigation is completed. Under the Criminal Procedure Act, the detention period after arrest is 48 hours, within which the decision to request a warrant must be made. A member of the special prosecutor team stated, "The investigation is ongoing, and the request for a detention warrant will be reviewed afterward."
Wellbiotech is suspected of deceiving investors around May 2023 by making it appear as if the company would participate in Ukraine reconstruction projects, thereby manipulating stock prices. The special prosecutor team suspects that the scheme was carried out in a manner similar to the stock price manipulation involving Sambu Construction during the same period.
Wellbiotech is a company in which Lee Iljun, Chairman of Sambu Construction, is the largest shareholder, and it attended the Ukraine Reconstruction Forum in May 2023. Lee Iljun, Chairman of Sambu Construction, is the largest shareholder of the company, and it attended the Ukraine Reconstruction Forum in May 2023.
Subsequently, as the company was classified as a "Ukraine reconstruction theme stock," its share price surged sharply along with Sambu Construction. During this period, investors reportedly gained approximately 40 billion won in capital gains through the issuance and sale of convertible bonds (CB). Wellbiotech's stock price soared from the 1,400-1,500 won range to the low 5,000 won range. Koo Sehyun, former CEO of Wellbiotech, who is also accused of participating in the stock price manipulation, was arrested on the 29th of last month.
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