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Prosecutors investigating allegations of
stock price manipulation will look into whether there were any problems with the process by which the families of several companies sold their shares. He sold the stock just before the stock price fell and made a big profit, and although he explains that the timing was right by accident, the suspicions have not subsided.
Reporter Jeong Jung-hyun contributed to this report.
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Dow Kiwoom Group Chairman Kim Ik-rae sold 20.605 million shares of
Dow Data worth KRW 140.456 billion on the 4th.
It was four days before the stock crash.
Seoul Gas Chairman Kim Young-min also sold his shares a week before the crash for 3.150 billion won, and four of Chairman Kim's relatives also sold their shares in March, earning 1 billion won.
Although the timing of the stock sale is earlier, Chairman Kim's brother, Daesung Group Chairman Kim Young-hoon, also sold shares of Daesung Holdings for 600 billion won, and the Sunkwang owner family, another stock whose stock price crashed, cashed out 130 billion won last year.
Everyone explains that it was a coincidence, a premeditated sale, but suspicions are growing.
[Kim Duc-ui/CEO of the Financial Justice Coalition: It was at a time when (some stocks) major shareholders had not traded stocks at all, so the timing of the sale is strange to anyone.]
For this reason, prosecutors also plan to determine whether there was any illegality in the sale of shares by these families.
The relevance of the surge in short-selling volumes in some stocks, such as beneficiation just before the stock price crash, is also likely to be an issue in the investigation.
A key figure in the allegations of stock price manipulation, Mr. Radeok-yeon claims that these or third parties colluding with them are behind the stock price crash.
[Radeokyeon/CEO: Who made a profit from this decline?
More than 3 investors who entrusted Mr. Ra's money today (50th) submitted a petition to the investigative authorities demanding a thorough investigation of Chairman Kim Ik-rae and Chairman Kim Young-min.
Even if these family members were not directly involved in the incident, if they obtained and used undisclosed information, such as initiating investigations at financial institutions and inside securities companies, they could face criminal penalties.
(Video Interview: Ha Lung, Video Editing: Kim Jun-hee)
Just before the stock price crashed, the Saju family's 'brilliant sell-off'...'suspicion' Canda
2023-05-08T12:07:01.514Z
Highlights: Prosecutors investigating allegations of stock price manipulation will look into whether there were any problems with the process by which the shareholder family of several companies sold their shares. Dow Kiwoom Group Chairman Kim Ik-rae sold 20.605 million shares ofDow Data worth KRW 140.456 billion on the 4th. He sold the stock just before the stock price fell and made a big profit, and although he explains that the timing was right by accident, the suspicions have not subsided. If these family members were not directly involved in the incident, if they obtained and used undisclosed information, such as initiating investigations at financial institutions and inside securities companies, they could face criminal penalties.
Prosecutors investigating allegations of stock price manipulation will look into whether there were any problems with the process by which the shareholder family of several companies sold their shares. He sold the stock just before the stock price fell and made a big profit, and although he explains that the timing was right by accident, the suspicions have not subsided.
Source: sbskr