"Room for Dispute Over Criminal Charges"
Min Junggi Special Prosecutor Team Faces Setbacks With Just 9 Days Left
Arrest Warrant Dismissal Disrupts Investigation Plans
Yoon Sukyeol to Be Summoned Tomorrow, Lee Junseok the Day After
Final Decisions Expected on Indictment and Case Transfers
Former President Yoon Sukyeol is attending the trial on charges of obstruction of special official duties at the Seoul Central District Court in Seocho-dong, Seoul on the 26th. With just nine days left before the end of the investigation period, the special prosecutor team led by Min Junggi, which is investigating allegations surrounding First Lady Kim Keonhee, is accelerating its final probe. However, the arrest warrant for Yang Namhee, Chairman of Wellbiotech-identified as the key figure in the alleged stock price manipulation involving Wellbiotech, an affiliate of Sambu Construction-has been dismissed once again. The special prosecutor's plan to secure Yang's custody and wrap up the investigation into the stock manipulation allegations is now expected to face setbacks.
Separately, the special prosecutor team is expected to summon former President Yoon Sukyeol and Reform New Party leader Lee Junseok in succession over the weekend to finalize decisions on whether to indict or transfer the remaining allegations. There are also concerns that, among the 16 allegations under investigation, several issues remain unresolved with no clear conclusions.
On the 19th, Lee Jeongjae, Chief Judge in charge of warrants at the Seoul Central District Court, dismissed the arrest warrant for Chairman Yang, who is accused of violating the Capital Markets Act, aggravated breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, and embezzlement in the course of work. Judge Lee stated, "Even when considering the additional evidence collected and submitted, there remains room for dispute regarding the criminal charges." Last month, the court had also dismissed the first arrest warrant for Chairman Yang, stating that "the necessity for detention was not sufficiently substantiated by evidence of involvement in the main charges."
According to the special prosecutor team, in May 2023, Yang allegedly deceived investors into believing that Wellbiotech would participate in Ukraine reconstruction projects, manipulated the stock price, and gained profits through the issuance of convertible bonds (CBs). The indictment against former Wellbiotech CEO Koo Sehyun, who has been indicted and detained, reportedly details that five individuals, including Chairman Yang and former Vice Chairman Lee Gihun, conspired to manipulate the stock price and gained approximately 30.2 billion won in illicit profits. As the special prosecutor's investigation period ends on the 28th, it appears likely that the case involving Chairman Yang will be concluded with an indictment without detention.
Lee Junseok, leader of the Reform New Party, appeared on Asia Business Daily AK Radio at the National Assembly on the 5th and was interviewed by specialist So Jongsup. 2025.8.5 Photo by Kim Hyunmin
On the 20th, the special prosecutor team will summon former President Yoon for what will effectively be the first and last questioning. The team suspects former President Yoon of being an accomplice in First Lady Kim's alleged manipulation of public opinion polls involving Myung Taegyun, as well as in the alleged sale of artworks by former prosecutor Kim Sangmin and artist Lee Uwhan. The investigation is also examining whether former President Yoon was involved when First Lady Kim received expensive gifts and requests for appointments and business favors from Lee Bonggwan, Chairman of Sehee Construction, and Lee Baeyong, former Chairperson of the National Education Commission, among others. On the 21st, the team plans to summon Lee Junseok to verify facts regarding alleged intervention in nominations for the June 1, 2022 local elections and the National Assembly by-elections.
Recently, the special prosecutor team summoned First Lady Kim to address all remaining incidents at once, including the Jongmyo tea gathering, the Navy cruise party, and alleged relocation favors for the presidential residence. However, it was reported that she exercised her right to remain silent. As a result, during the remaining period, the special prosecutor team is expected to focus on determining which of the scattered allegations it will prosecute directly and which will be transferred to the National Office of Investigation.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
