Special Prosecutor to Question Former and Current Chairmen of Samboo Construction in Stock Manipulation Case

The special investigation team led by Min Jung-ki, probing allegations against Kim Geon-hee, the spouse of former President Yoon Suk-yeol, announced on July 9 that it plans to summon both the current chairman, Lee Il-jun, and former chairman, Cho Sung-ok, for questioning on July 10. Both individuals are considered suspects in the ongoing investigation into stock manipulation involving Samboo Construction.

The allegations suggest that between May and June 2023, Samboo Construction engaged in deceptive practices by signing memorandums of understanding (MOUs) with Ukrainian construction firms, despite having no intention to participate in Ukraine's reconstruction projects. This manipulation reportedly allowed executives to gain unjust profits amounting to hundreds of billions of won.

Notably, the stock price of Samboo Construction surged following a forum held in Poland on May 22, 2023, which was attended by former Minister of Land, Infrastructure and Transport Won Hee-ryong and representatives from Samboo Construction.

On the same day, the special prosecutor's office also questioned Jeong Chang-rae, the former CEO, and Oh Il-rok, the current CEO, regarding the stock manipulation and their attendance at the 'Ukraine Reconstruction Forum.' When asked about his relationship with Won Hee-ryong, Jeong denied any connection, stating he would provide detailed explanations during the investigation.

The special prosecutor's team has been actively investigating Samboo Construction and Eurasia Association officials, having conducted searches at 13 locations, including the company's headquarters and the homes of related individuals, on July 3.