Latest news with #Sambu
Korea Herald
08-07-2025
- Politics
- Korea Herald
Former, sitting lawmakers raided in election interference probe
Special counsel looks into former first lady's alleged election interference, ties to Sambu stock manipulation case A special counsel team conducted multiple search and seizure operations Tuesday at offices and residences of main opposition People Power Party lawmakers as part of an investigation into alleged election interference involving political broker Myung Tae-kyun and former first lady Kim Keon Hee. Tuesday's raid by the special counsel team — led by Min Joong-ki to investigate multiple allegations concerning Kim — was conducted to look into allegations that the former first lady meddled in the then-ruling party's candidate nominations for the 2022 parliamentary by-elections. According to the special counsel team, investigators carried out a separate search and seizure of People Power Party Rep. Yoon Sang-hyun's office and home, along with the home of Kim Young-sun, a former five-term lawmaker of the conservative party, to secure documents and digital data related to the then-presidential couple's possible election interference. The election interference scandal centers on Myung, who is suspected of receiving about 90 million won ($65,800) from former lawmaker Kim on several occasions from 2022 to 2024. This was allegedly in exchange for Myung's help in securing her nomination on the party ticket ahead of the 2022 by-elections. The prosecution, which had investigated this case prior to the special counsel in 2024, previously revealed that Yoon Sang-hyun's name was brought up in a recorded call between Myung and then-President Yoon Suk Yeol, who said he would ask Rep. Yoon and the People Power Party to support Kim, since 'he (Rep. Yoon) is the party's nomination committee chair, after all.' Investigators also searched the home of former prosecutor Kim Sang-min to look into Myung's allegation that former first lady Kim Keon Hee attempted to offer a ministerial post or a position as the head of a state-run agency to Kim Young-sun if she would agree to help the former prosecutor win the 2024 general election in Uichang-gu of Changwon, South Gyeongsang Province, which is a district previously won by Kim Young-sun. Meanwhile, the special counsel team, also tasked with probing Kim Keon Hee-related allegations including stock price manipulation, summoned key executives of Eurasia Business Association and Sambu Construction on Tuesday to examine ties between Kim and organizations involved in Ukraine reconstruction projects in 2023. According to the special counsel, a former president of Eurasia Business Association — a Korea-based consulting agency that organized the Ukraine Recovery Conference in 2023 — appeared for questioning on how the conference was planned and whether there was any attempt to orchestrate a stock-price surge at a midsized South Korean construction firm. The investigators reportedly examined the association and its officials' connections to former Land Minister Won Hee-ryong, former CEO of Black Pearl Invest Lee Jong-ho and other Eurasia Business Association executives. This measure is interpreted as an effort to secure evidence proving the relationships among those involved in one set of allegations against Kim. The allegations center on a surge in Sambu's stock price. Shares skyrocketed within a three-month period amid market rumors that the company was set to take part in Ukraine reconstruction projects in 2023. The stock price surge allowed former and current owners and executives of the company to unload company shares and reap profits worth tens of billions of won. The Sambu case first caught public attention after a message from Lee sparked controversy in July 2024. The company had previously announced it had signed a memorandum of understanding for cooperation on Ukraine's postwar reconstruction efforts with multiple organizations, including the Eurasia Business Association, in 2022. Though the stock price showed no noticeable change at the time, the Democratic Party of Korea later argued that the company's trading volume and stock price surged after Lee posted a text message saying, 'Check Sambu tomorrow' in a group chat that reportedly involved high-ranking military officials and a former Presidential Security Service official, among others, on May 14, 2023. On May 16, the then-presidential couple met with Ukrainian first lady and presidential envoy Olena Zelenska in Seoul. The company gained attention as a Ukraine reconstruction-themed stock and hit the daily price ceiling after the former land minister and major shareholders of Sambu attended the Ukraine Recovery Conference on May 22. Sambu's stock price skyrocketed as the company announced it had signed multiple memorandums of understanding with local Polish governments during the conference and promoted the agreements through press releases. Having stayed below 2,000 won (about $1.50) until May, the stock price surged to 5,500 won by July, when Yoon and Kim visited Ukraine. The Democratic Party raised suspicions of stock manipulation and suggested that Kim could have been involved, citing her personal ties with Lee, who was suspected of another case of stock price manipulation with Deutsch Motors that the former first lady was also accused of taking part in. The minor opposition Rebuilding Korea Party meanwhile questioned how Sambu, which had virtually no experience in overseas business barring a single road construction project in Pakistan in 2021, was able to attend the Ukraine Recovery Conference with the land minister. When Sambu's CEO, former and current owners were previously accused of inflating the stock price in April this year, authorities did not file a complaint with the prosecution against the former first lady and Land Minister Won at the time, saying they had found no evidence they had done anything criminal. The special counsel team is scheduled to summon Lee Il-jun, chairperson of Sambu Construction, for questioning on Wednesday as it widens investigations in regard to the stock price manipulation case.
Korea Herald
08-07-2025
- Business
- Korea Herald
Kim Keon Hee probe looks into alleged ties to Sambu stock manipulation case
The special counsel team tasked with investigating multiple allegations concerning former first lady Kim Keon Hee summoned key executives of Eurasia Business Association and Sambu Construction on Tuesday to probe ties between Kim and organizations involved in Ukraine reconstruction projects in 2023. According to the special counsel, a former president of Eurasia Business Association — a Korea-based consulting agency that organized the Ukraine Recovery Conference in 2023 — appeared for questioning on how the conference was planned and whether there was any attempt to orchestrate a stock-price surge at a midsized South Korean construction firm. The investigators also reportedly examined the association and its officials' connections to former Land Minister Won Hee-ryong, former CEO of Black Pearl Invest Lee Jong-ho and other Eurasia Business Association executives. This measure is interpreted as an effort to secure evidence proving the relationships among those involved in one set of allegations against Kim. The allegations center on a surge in Sambu's stock price. Shares skyrocketed within a three-month period amid market rumors that the company was set to take part in Ukraine reconstruction projects in 2023. The stock price surge allowed former and current owners and executives of the company to unload company shares and reap profits worth tens of billions of won. The Sambu case first caught public attention after a message from Lee sparked controversy in July 2024. The company had previously announced it signed a memorandum of understanding for cooperation on Ukraine's postwar reconstruction efforts with multiple organizations, including the Eurasia Business Association, in 2022. Though the stock price showed no noticeable change at the time, the Democratic Party of Korea later argued that the company's trading volume and stock price surged after Lee posted a text message saying, 'Check Sambu tomorrow' in a group chat that reportedly involved high-ranking military officials and a former Presidential Security Service official, among others, on May 14, 2023. On May 16, the then-presidential couple visited Ukraine to discuss reconstruction project with Ukrainian President Volodymyr Zelenskyy. The company gained attention as a Ukraine reconstruction-themed stock and hit the daily price ceiling after the former land minister and major shareholders of Sambu attended the Ukraine Recovery Conference on May 22. Sambu's stock price skyrocketed as the company announced it had signed multiple memorandums of understanding with local Polish governments during the conference and promoted the agreements through press releases. Having stayed below 2,000 won (currently about $1.50) until May, the stock price surged to 5,500 won by July, when Yoon and Kim visited Ukraine again for another summit. The Democratic Party raised suspicions of stock manipulation and suggested that Kim could have been involved, citing her personal ties with Lee, who was suspected of another case of stock price manipulation with Deutsch Motors that the former first lady is also accused of taking part in. The minor opposition Rebuilding Korea Party also questioned how Sambu, which had no experience in overseas business barring a single road construction project in Pakistan in 2021, was able to attend the Ukraine Recovery Conference with the land minister. When Sambu's CEO, former and current owners were previously accused of inflating the stock price in April this year, authorities did not file a complaint with the prosecution against the former first lady and Land Minister Won then, saying they had found no evidence they had done anything criminal. The special counsel team is scheduled to summon Lee Il-jun — chairperson of Sambu Construction, for questioning on Wednesday as it widens investigations in regard to the stock price manipulation case.
Hans India
03-07-2025
- Business
- Hans India
South Korea: Special counsel team raids construction company in probe into ex-first lady
Seoul: A special counsel team launched a raid on a mid-sized builder on Thursday as part of its investigation into stock price manipulation allegations involving former first lady Kim Keon Hee. The team -- led by special counsel Min Joong-ki -- said in a notice to the press that the search and seizure at Sambu Construction Co. began in the morning. It is the first raid by the special counsel team since Min's appointment last month and Wednesday's launch of its investigation into various corruption allegations involving Kim, former President Yoon Suk Yeol's wife. She is suspected of involvement in manipulating the stock prices of Sambu Construction, in addition to allegedly accepting a luxury handbag and meddling in election nominations, along with other things. The Sambu case is less known than the others, however, as it was transferred to the special counsel before the prosecution dug deep, reported Yonhap news agency. Initially, it involved suspicions that in May to June 2023, around a dozen former and current owners and executives of the company deceived investors into thinking it would begin overseas reconstruction projects in order to raise its share prices and then sold their own shares to pocket profits worth tens of billions of won. But the share price increase coincided with Yoon and Kim's visit to Ukraine, where the then-President met Ukrainian President Volodymyr Zelenskyy to discuss reconstruction projects in the war-torn nation. The timing raised questions about whether the former first lady could have shared information with Lee Jong-ho, a former head of Black Pearl Invest who has been convicted in a separate stock price manipulation case linked to her, and prompted him to initiate large transactions of Sambu shares.
Korea Herald
03-07-2025
- Business
- Korea Herald
Kim Keon Hee probe kicks off with Sambu stock manipulation case
The special counsel team on Thursday searched the headquarters of Sambu Construction, a midsized South Korean builder, marking the first step in a probe into one of several allegations involving former first lady Kim Keon Hee. Thursday's raid by the special counsel team — led by Min Joong-ki — was conducted to look into allegations surrounding Kim including stock price manipulation. The raid came three weeks after the special counsel was appointed on June 12. Though the special counsel was tasked to probe a total of 16 allegations related to the former first lady, Min reportedly decided to prioritize the Sambu Construction case as it was considered an issue that was not adequately addressed in past Kim Keon Hee-themed investigations. The suspicions relate to a time when Sambu's stock price, which had been in the 1,000-won ($0.74) range, started to skyrocket within a three-month period in 2023. A message from Lee Jong-ho, the former CEO of Black Pearl Invest, sparked controversy in July, 2024. The main opposition Democratic Party of Korea argued that Sambu's trading volume and stock price surged after Lee posted a text message, saying 'Check Sambu tomorrow' on May 14. The party raised suspicions that Kim could be involved in this stock price manipulation, citing her personal ties with Lee, who was suspected of another stock price manipulation with Deutsch Motors Inc. with the former first lady. It also argued that then-presidential couple's visit to Ukraine to discuss the reconstruction project with Ukrainian President Volodymyr Zelenskyy on May 16 coincided with the stock price increase. After the former Land Minister Won Hee-ryong and Sambu attended the Ukraine Recovery Conference on May 22, the stock price hit the price ceiling. It had skyrocketed to 5,500 won by July of the same year, when the presidential couple visited Ukraine once again for another summit. Sambu Construction's CEO, former and current owners were previously accused of inflating the stock price by creating a misleading impression that the company was set to take part in Ukraine reconstruction projects and then selling shares worth tens of billions of won. But the Financial Supervisory Service, which previously looked into the alleged Sambu stock manipulation case, did not file a complaint with the prosecution against the former first lady and Land Minister Won as no evidence of criminal offenses was found. Prior to Thursday's search and seizure operation, the special counsel issued a travel ban to prevent Kim from leaving the country. The special counsel announced that all suspicions against the former first lady are set to be probed by four individual assistant special prosecutors, who are tasked to reinvestigate Kim's Deutsch Motors and Sambu stock manipulation case, acceptance of a luxury bag, election interference scandal regarding a political broker Myung Tae-kyun and involvement in a route change on the Yangpyeong Expressway.
