Investigation into Kim Geon-hee's Allegations Intensifies with New Summons

The special investigation team led by Min Jung-ki has summoned two key figures in connection with the stock manipulation allegations surrounding Kim Geon-hee, the spouse of former President Yoon Suk-yeol. On July 8, the team called in Shin Shin-woo, a former executive at Samboo Construction, and Yang Yong-ho, the president of the Eurasia Economic Association, for questioning. The investigation began at 10 AM, with Shin being treated as a suspect and Yang as a witness.

Shin served as the CEO of Samboo Construction from September last year until early this year. The Eurasia Economic Association is linked to the 'Ukraine Global Reconstruction Forum,' which is believed to be a significant factor in the surge of Samboo Construction's stock price. Yang chaired the forum and attended the event, which has now led to his involvement in the investigation.

The allegations suggest that between May and June 2023, Samboo Construction entered into memorandums of understanding (MOUs) with Ukrainian construction firms, despite having no intention to participate in the reconstruction efforts, artificially inflating their stock price and allowing executives to gain hundreds of millions of won in illicit profits. The stock price, which was around 1,000 won in May 2023, skyrocketed to as high as 5,500 won by July of the same year.

The special investigation team plans to thoroughly examine the circumstances surrounding the forum and the process of Samboo Construction's alleged involvement in the Ukrainian reconstruction project. They will also focus on the relationships with former Minister of Land, Infrastructure and Transport Won Hee-ryong and Lee Jong-ho, the former CEO of Black Pearl Investment. Won attended the forum with Samboo Construction representatives, while Lee, who managed Kim Geon-hee's accounts, is suspected of involvement in the stock manipulation scheme, having sent a message about checking the stock the day before its price surged.

On July 7, the investigation team also questioned a former executive of the Eurasia Economic Association, Han, regarding his knowledge of Lee and any prior awareness of the stock manipulation. Earlier, on July 3, the team conducted searches at 13 locations, including six corporate entities such as Samboo Construction and DYD, as well as the residences of former and current executives, including Jo Nam-wook, the former chairman of Samboo Construction. On July 4, they interrogated Lee Eung-geun, the former CEO of Samboo Construction, for approximately ten hours.