On October 23, 2024, Kim Keon-hee, who had been embroiled in allegations of stock manipulation involving Deutsch Motors, was ultimately acquitted by the prosecution. The case had garnered widespread attention, especially since she is the spouse of President Yoon Suk-yeol. The prosecution concluded that Kim had invested in the company's stocks based on her belief in its growth potential and that she was unaware of any price manipulation. This blog delves into the background of the case, its implications, and the public's reaction.
The allegations of Kim Keon-hee’s involvement in stock manipulation date back to her investment in Deutsch Motors stocks between 2007 and 2010. According to Kim’s testimony, she trusted Deutsch Motors’ former chairman, Kwon Oh-soo, and invested based on his suggestions. The prosecution accepted her explanation, noting that while she had entrusted stock experts introduced by Kwon with her accounts, she had no involvement in or knowledge of the price manipulation scheme.
The prosecution highlighted that Kim was simply an investor who made decisions based on the market conditions. Specifically, in October and November of 2010, Kim sold Deutsch Motors stocks. Some of these transactions took place just seven seconds after the stock manipulation group exchanged text messages, raising eyebrows. However, Kim stated that she made the trades based on advice from her securities broker, without any instruction from Kwon or other individuals involved in the manipulation.
The prosecution accepted this explanation, determining that Kim acted as a rational investor taking advantage of rising stock prices and trading volumes. They pointed to the positive economic outlook during this period, such as the signing of the South Korea-EU Free Trade Agreement (FTA), which contributed to Deutsch Motors’ stock price increase. Kim’s sales aligned with these trends, supporting the argument that her actions were not linked to the manipulation.
Furthermore, most of Kim's sell orders were made after consulting with her securities broker, which further weakened any claims of her involvement in stock price manipulation. The prosecution found no evidence that she coordinated with the stock manipulation group, leading to the decision that she did not engage in the scheme.
Despite the prosecution's findings, public skepticism remains. Some civic groups and opposition parties have questioned whether the prosecution showed too much leniency toward Kim, given her position as the president's wife. The lingering doubts have led to accusations of "legal favoritism" and further criticisms that this case highlights potential biases in the legal system.
While Kim Keon-hee has been acquitted of all charges related to the Deutsch Motors stock manipulation case, the controversy continues to stir public debate. The prosecution ruled that she had no knowledge of the price rigging scheme, but many remain unconvinced. This case serves as a reminder of the importance of transparency and fairness in the judicial process, especially when it involves individuals in high political positions.
3 line summary for you
- Kim Keon-hee has been acquitted of stock manipulation allegations regarding Deutsch Motors.
- The prosecution concluded that she was unaware of price manipulation and that her transactions were reasonable.
- However, public skepticism remains, questioning the fairness of the decision.
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