The Seoul Central District Court convicted former Deutsch Motors CEO Kwon Oh-soo, convicted of manipulating the company’s share price, Yonhap News reported on February 10.
The court sentenced the former head of Deutsch Motors, a BMW car dealer in South Korea, to two years in prison, suspended for three years.
Kwon Oh Soo was previously accused of leaking inside information to induce the company to buy company shares between December 2009 and December 2012.
According to the investigation, the defendant colluded with influential market players and contacted securities firms and analysts to cause a stir in the market around the company and promote the sale of shares.
The case drew public attention due to allegations that the wife of the current South Korean president, Kim Keon-hee, was involved.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.