The special prosecutor investigating Kim Keon-hee will summon former and current chairpersons of SAMBU Construction on the 10th over allegations of stock manipulation.

The special investigation team led by Min Jong-ki is investigating accusations against former President Yoon Suk-yeol's spouse, Kim Keon-hee, and has entered SAMBU Construction for a search and seizure operation on the morning of the 3rd, with a locker placed in front of the office. / Courtesy of News1

The special prosecutor noted in a notice sent to the press that “on the 10th at 10 a.m., Chairman Lee Il-jun of SAMBU Construction and former Chairman Cho Sung-ok will be summoned as suspects for investigation,” on the 9th.

Chairman Lee Il-jun established Daeyang Construction in 1993 in Naju, Jeollanam-do, and was engaged in real estate development before acquiring several KOSDAQ-listed companies in 2018. After changing the name of the acquired company to DYD in 2021, he acquired the equity of SAMBU Construction owned by former Chairman Cho through DYD in 2023.

The allegations of stock manipulation involving SAMBU Construction stem from the company’s rapid rise as a theme stock for the reconstruction of Ukraine during 2022-2023, which reportedly involved manipulation by stock speculation forces.

Lee Jong-ho, the former CEO of Black Pearl Invest who managed the accounts of Kim Keon-hee, wife of former President Yoon Suk-yeol, reportedly sent a message saying, “Check SAMBU tomorrow,” in a KakaoTalk group chat with acquaintances from the Marine Corps on May 14, 2023.

Two days later (May 16), the former presidential couple met with Olena Zelenska, the wife of Ukrainian President Volodymyr Zelensky. Six days after that (May 22), then Minister of Land, Infrastructure and Transport Won Hee-ryong and SAMBU Construction officials attended the Ukraine Global Reconstruction Forum held in Poland.

Following this, SAMBU Construction announced on May 23 that it had signed a memorandum of understanding regarding reconstruction projects with Mariupol city in Ukraine and construction companies in Poland. The stock price of SAMBU Construction remained in the 1,000 won range until mid-May 2023, then surged to 5,500 won during trading in mid-July.

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