Friday, October 01, 2010

[News Trans] Hosts of people who were manipulating the stock price were exposed.

source: suehan's blog

Financial news, 2010-10-01 05:40 

So-called “hosts of people” who were accused of gaining about 34 hundred million won in illegal-profits from stock price manipulation by overstating the contract that they made with the company where the famous Hallyu star Bae Yong Joon is a major shareholder, and illegal trading (通情賣買. suehan: I don’t know the stock terms, but it means they exchanged information or promise to manipulate the stock price) were exposed by the district attorneys.

On the 30th of last month, the criminal division 5 of the Seoul Southern District Court (Judge Kim Joo Won) stated that they arrested and charged the former CEO Mr. Han (39) of Goje which is producer and distributor of red ginseng for the violation of the capital market and finance investment law.

The prosecution said that the private lender Mr. Min (36) who received the stock price manipulation request from Mr. Han, financer, and an operation member were arrested for the same charges. They also stated that two brokers were charged without detention and one broker was issued an arrest warrant after the stay of prosecution.

According to the prosecution, they made a trademark license contract and an exclusive sales contract with Gorilla last November, in which Bae Yong Joon is a major shareholder. They were charged for false public announcement of an improbable supply contract without agreeing with Gorilla.


/ Reporter Kim Sung Hwan and Choi Soon Woong

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