Investigation into Kim Geon-hee's Allegations Uncovers Potential Stock Manipulation

The special investigation team looking into allegations surrounding Kim Geon-hee, the wife of former President Yoon Suk-yeol, has reportedly gathered statements suggesting that Samboo Construction utilized the 'Ukraine Reconstruction Forum' to manipulate stock prices. On July 8, Yang Yong-ho, the chairman of the Eurasia Economic Association, testified to the special prosecutor's office, indicating that the forum was open to anyone who paid a membership fee of 1 million won. He claimed that Samboo Construction participated in this manner but was misrepresented in the media as having been invited by the association. This implies that they falsely portrayed their involvement as part of a select group of major corporations invited by then-Minister of Land, Infrastructure and Transport Won Hee-ryong.

Yang also stated that any Memorandum of Understanding (MOU) signed by Samboo Construction with local governments during the forum was unrelated to the association. He mentioned that the association had established guidelines for MOU signings, which Samboo Construction did not adhere to.

The Eurasia Economic Association hosted the Ukraine Reconstruction Forum in May 2023 in Poland. The special prosecutor's team suspects that Samboo Construction misled investors into believing they would pursue related projects following their attendance at the forum, artificially inflating their stock prices before selling off shares for illicit gains exceeding 10 billion won. Based on Yang's testimony, the team has since summoned current and former executives of Samboo Construction to investigate potential stock manipulation.

The special prosecutor's office is expected to question the vice president of Samboo Construction and the former CEO of its affiliate, Well Biotech, regarding the circumstances surrounding the stock manipulation on July 13.