Seoul: A Seoul court has issued an arrest warrant for Lee Ki-hoon, the vice chairman of Sambu Construction, over his alleged involvement in a stock price manipulation scheme that may have connections to former first lady Kim Keon Hee. The warrant was issued on Friday, following an investigation into Lee’s activities.

According to Yonhap News Agency, a special counsel initiated the request for Lee’s arrest earlier this week. The investigation focused on allegations that Lee orchestrated a scheme to artificially inflate the share price of Sambu Construction in 2023. The Seoul Central District Court approved the warrant, citing concerns that Lee might flee or destroy evidence related to the case.

Lee was apprehended in Mokpo, a city in the southwest, on Wednesday. This arrest comes 55 days after he evaded authorities during a warrant hearing held in July. The charges against Lee are linked to Sambu Construction’s alleged misleading of investors by indicating plans to undertake reconstruction projects in Ukrain
e. This announcement led to a significant increase in the company’s stock value, from approximately 1,000 won (US$0.72) in May 2023 to 5,500 won by July.

It is alleged that Lee profited tens of billions of won from the manipulation of the stock between May and September 2023. The case continues to unfold as authorities delve deeper into the potential involvement of other key figures, including the former first lady.