The special counsel investigating Kim Keon-hee on Sept. 26 indicted and detained Vice Chairman Lee Gi-hun of SAMBU Construction (who also serves as chairman of Well Biotec) in connection with the "SAMBU Construction stock manipulation allegations."
The special counsel said in a media notice that morning that Vice Chairman Lee was indicted and detained on charges of violating the Capital Markets Act.
The SAMBU Construction stock manipulation allegations are that when SAMBU Construction surged as a Ukraine reconstruction theme stock in 2022–2023, stock-manipulating forces were behind the sharp rise in its share price.
The special counsel believes Vice Chairman Lee colluded with Chairman Lee Il-jun of SAMBU Construction and former CEO Lee Eung-geun to distribute false press releases about Ukraine reconstruction projects from May to Jun. 2023. The special counsel suspects they propped up SAMBU Construction's share price and obtained unlawful gains of about 36.9 billion won.
Identified as the planner of the SAMBU Construction stock manipulation case, he fled after failing to appear at a warrant review on Jul. 17 and was arrested in Mokpo, South Jeolla, on the 10th, 55 days later. On the 12th, the court then issued a detention warrant for Vice Chairman Lee, saying there was a risk he would destroy evidence and flee.