Did Special Counsel Team Raid Construction Company Linked to Ex-First Lady?
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Synopsis
In a significant move, a special counsel team has raided a construction company linked to former first lady Kim Keon Hee amid allegations of stock price manipulation. The investigation raises questions about political connections and potential corruption, drawing attention to the implications on South Korea's political landscape.
Key Takeaways
- Special counsel's raid: Aimed at investigating stock price manipulation.
- Kim Keon Hee: Former first lady linked to the case.
- Political connections: Raises questions about transparency and ethics.
- Sambu Construction: Firm at the center of the investigation.
- Potential consequences: Implications for South Korea's political landscape.
Seoul, July 3 (NationPress) A special counsel team executed a raid on a mid-sized construction firm on Thursday as part of its inquiry into allegations of stock price manipulation concerning former first lady Kim Keon Hee.
The operation, spearheaded by special counsel Min Joong-ki, commenced in the morning at Sambu Construction Co., as reported to the media.
This marks the first raid conducted by the special counsel team since Min's appointment in the previous month and the initiation of the investigation into various corruption claims involving Kim, the spouse of former President Yoon Suk Yeol.
She is under suspicion for her alleged role in manipulating the stock prices of Sambu Construction, as well as purportedly accepting an expensive handbag and interfering with election nominations, among other accusations.
The Sambu case, while lesser-known than others, was handed over to the special counsel before thorough prosecution investigations commenced, according to reports from Yonhap news agency.
Initially, it involved allegations that between May and June 2023, around a dozen former and current owners and executives of the firm misled investors into believing that it would initiate overseas reconstruction projects, thereby inflating its share prices and allowing them to sell their own shares for profits amounting to tens of billions of won.
The increase in share prices coincided with Yoon and Kim's visit to Ukraine, where the then-President engaged with Ukrainian President Volodymyr Zelenskyy to discuss reconstruction efforts in the war-affected country.
This timing has raised suspicions regarding whether the former first lady might have shared sensitive information with Lee Jong-ho, a former head of Black Pearl Invest who was previously convicted in a distinct stock price manipulation case connected to her, prompting significant transactions of Sambu shares.
Point of View
I believe this investigation into the allegations surrounding former first lady Kim Keon Hee symbolizes a crucial moment for accountability in our political system. The intertwining of business and politics raises significant concerns about transparency and ethics, which must be addressed to maintain public trust.
NationPress
03/07/2025
Frequently Asked Questions
What allegations are being investigated?
The special counsel is investigating claims of stock price manipulation involving former first lady Kim Keon Hee and her connections to Sambu Construction.
Who is leading the investigation?
Special counsel Min Joong-ki is leading the investigation and the recent raid on Sambu Construction.
What are the implications of the case?
The case raises serious questions about corruption in South Korea and the potential influence of political figures on corporate practices.
