Lee Bok-hyun, head of the Financial Supervisory Service, said on the 24th, "We have provided the prosecution with the investigation results of a 'specific individual' who is receiving significant social attention regarding the suspicions of stock price manipulation of SAMBU Construction." The 'specific individual' mentioned by Lee refers to Kim Keon-hee, the wife of former President Yoon Suk-yeol, and Lee Jong-ho, former CEO of Black Pearl Investment.
On that day, Lee attended a briefing on capital market issues at the Financial Supervisory Service in Yeouido, Seoul, where he explained, "The SAMBU Construction case was referred to the prosecution for allegations of unfair trading related to overseas reconstruction projects involving former and current executives, based on the resolution of the Securities and Futures Commission on the 23rd." He added, "At the time of the referral, all matters related to the movement of funds for the specific individual and the stocks traded were handed over to the prosecution."
The Securities and Futures Commission, under the Financial Services Commission, decided at its 8th regular meeting held on the 23rd to refer relevant parties to the prosecution regarding suspicions of stock price manipulation involving SAMBU Construction. They are accused of repeatedly entering into formal memorandums of understanding (MOUs) without specific content, knowing that SAMBU Construction lacked the willingness and ability to participate in the Ukrainian reconstruction project, and exaggerating this in their promotions. The illegal gains they obtained from such actions amount to hundreds of millions of won.
However, Kim Keon-hee and Lee Jong-ho, who were suspected of being related to the case, were excluded from the list of those referred. The head of the Financial Supervisory Service explained that the agency has been investigating for the past seven months, but has not confirmed whether there is a connection between them and the current suspicions.
Lee noted, "No grounds for accusations against these individuals have been confirmed thus far," adding that "the materials were sent to the prosecution to allow for an objective review of the appropriateness of the financial authorities' judgment from a third party's (the prosecution's) perspective."
However, he did not respond to questions about what specific details were not confirmed regarding their alleged wrongdoing, citing that it could influence the prosecution's investigation.
Lee explained, "I can disclose that fund analysis and various financial analyses were conducted," but added, "It is not appropriate to disclose specific investigation details as the prosecution's investigation is underway."
Regarding the MBK Partners and Homeplus situation, he stated that they have confirmed through extensive information that they were aware of the credit rating decline in advance and had been preparing for corporate rehabilitation for a significant period. This case is currently under urgent action (fast track) as referred to the prosecution by the Securities and Futures Commission on the 21st.
Lee stated, "We will maintain the task force until the end of May to cooperate with the prosecution's investigation and look into illegal matters through the MBK inspection and Homeplus accounting audit," adding, "The relevant departments will ensure that the damage to small merchants, suppliers, and investors is minimized."
At the same time, he emphasized that MBK is evading the responsibility of major shareholders and forcing the sacrifices of creditors. The promise to repay trade debts has been delayed, and since March, rent has not been paid, resulting in damage to those involved, and he stated that they would rapidly resolve this situation.
Lee remarked, "The major shareholder, MBK, and the debtor, Homeplus, have not mentioned a word about self-help measures, and it seems that concerns about forcing the sacrifices of suppliers, landlords, and creditors are coming true," adding, "In other cases, it is common for major shareholders to conduct responsible management practices, but treating major shareholders differently just because they are private equity funds is discriminatory."
He added, "Starting from this point, MBK should seek a genuine solution to the situation."