Investigation into stock trading involving South Korea’s first lady comes out, Seoul prosecutors refuse to prosecute on grounds of ignorance_2
In a recent development, South Korea’s First Lady Kim Keon-hee faced an investigation by prosecutors over allegations related to stock manipulation. On October 17, the Seoul Central District Prosecutor’s Office announced that they would not proceed with charges against her. This decision comes as the First Lady and President Yoon Suk-yeol, her husband, were preparing for an official trip to the Czech Republic in September.
According to reports, the prosecutors stated that Kim was unaware her accounts had been used to manipulate stock prices, particularly concerning Deutsche Motors, the South Korean distributor of BMW, during a period from 2009 to 2012. This investigation began approximately four and a half years ago, and it raises questions about the actions of previous management who allegedly used her accounts for profit without her knowledge. Notably, the case was not referred to an independent investigation committee, which is customary for politically sensitive matters.
In a parallel case, Kim’s mother, Choi Eun-sun, was also cleared of any wrongdoing for similar reasons. The stock manipulation allegations first emerged in 2020 when President Yoon was still the Prosecutor General, leading to accusations against both Kim and her mother from several lawmakers.
At one point, the National Assembly attempted to appoint a special prosecutor for this case, but President Yoon exercised his veto power to block this initiative. Recently, an appeals court found the chairman of Deutsche Motors, Kwon Oh-soo, and several others guilty of being involved in the stock manipulation scheme. A man with the surname Sun was indicted on similar charges as Kim, accused of providing funding for the stock trading scheme.
This ruling sparked calls from the opposition for Kim Keon-hee to be prosecuted in line with the charges against Sun, indicating an ongoing political tension surrounding the issue.
