Kim Keon-hee's special investigation team is conducting a search and seizure of Well Biotec on the 21st in connection with allegations of stock price manipulation involving SAMBU Construction.
The special investigation team announced through a notice on that morning, "We have commenced a search and seizure at 10 locations, including Well Biotec, its subsidiaries, related companies, and the residences of suspects, in relation to the stock price manipulation incident involving Well Biotec's reconstruction project in Ukraine."
Following the special investigation on the 19th, it was revealed that the wife of Lee Jong-ho, a former representative of Black Pearl Invest and known to be an aide to Kim Keon-hee, acquired about 20 million won through stock transactions of Well Biotec, a subsidiary of SAMBU Construction, in July 2023. The special investigation team plans to clarify the connection between Kim Keon-hee and the former representative Lee through the search and seizure conducted that day.
The special investigation team is investigating allegations of stock price manipulation involving SAMBU Construction. The allegation is that although SAMBU Construction was not capable of promoting the reconstruction project in Ukraine in May and June 2023, it misled investors into thinking it would, thus inflating its stock price.
This allegation arose because it became known that the former representative said in a KakaoTalk group chat for a group of former Marines, "Check SAMBU" on May 14, 2023.
Two days after the former representative said "Check SAMBU," former President Yoon and Kim Keon-hee met with the first lady of Ukraine. On the 22nd of the same month, Won Hee-ryong, then Minister of Land, Infrastructure and Transport, attended a global reconstruction forum in Ukraine. Representatives from SAMBU Construction and Well Biotec also attended the forum.
As a result, SAMBU Construction was evaluated as a beneficiary of the Ukrainian reconstruction, and its stock price, which was in the 1,000 won range in early May 2023, steadily rose to over 5,000 won by mid-July. During this period, Well Biotec's stock price surged from 1,400 to 1,500 won to nearly 4,000 won. Allegations have been raised that Well Biotec made hundreds of millions of won in stock price gains during this time.
Well Biotec was controlled by Lee Il-jun, the chairman of SAMBU Construction, through his companies Daeyang D&I and C&I. Around June 2023, however, the largest shareholder of Well Biotec changed to Onse Tellink (now The L Tellink).