By hannover-web.com In a recent development, South Korean First Lady Kim Keon-hee, who was under investigation for alleged stock manipulation, has been cleared of charges. On October 17, the Seoul Central District Prosecutor’s Office announced that they would not pursue charges against her. This decision comes after the investigation revealed that Kim was unaware that accounts in her name were used to manipulate stock prices. This ruling is expected to intensify calls from the opposition for an independent investigation into the matter.
According to reports from the Korea Herald, the investigation into Kim Keon-hee had been ongoing for approximately four and a half years, focusing on her trading accounts that were allegedly involved in significant stock manipulation of Deutsch Motors, the South Korean distributor for BMW, between 2009 and 2012.
The prosecution’s internal “red team” investigation indicated that Kim had handed over her accounts to a former executive of the company for profit-sharing but was not aware of their use in stock trading. Notably, this case was not referred to an independent investigation review committee, which typically handles politically sensitive cases.
Additionally, Kim’s mother, Choi Eun-soon, has also been cleared of charges based on similar reasons.
The stock trading allegations first surfaced in 2020 when President Yoon Seok-youl was serving as the Prosecutor General. Several lawmakers subsequently raised accusations against Kim and her mother regarding their involvement in the stock trading scandal.
The South Korean National Assembly had previously attempted to pass a bill to appoint a special prosecutor for this case, but it was vetoed by President Yoon, preventing further investigation.
Recently, an appellate court found the chairman of Deutsch Motors, Kwon Oh-soo, and several others guilty in connection with the manipulation scheme. One of the individuals, identified by the surname Son, faces similar allegations to Kim Keon-hee, as he is accused of providing funding for stock manipulation and has also been indicted.
This recent ruling has sparked demands from the opposition for Kim Keon-hee to face the same charges as Son.
