Seoul: The Supreme Court has affirmed the conviction of nine individuals involved in the stock manipulation scheme associated with Deutsch Motors, a BMW dealership in South Korea. The ruling reinforces the decision handed down by a lower court regarding a case that involved first lady Kim Keon Hee.
According to Yonhap News Agency, the case revolves around Kwon Oh-soo, the former chairman of Deutsch Motors, who was accused of artificially inflating the company's stock prices between 2009 and 2012. The scheme allegedly involved sham transactions and the use of financial accounts registered under other people's names. Although Kim Keon Hee's financial accounts were reportedly used during the manipulation process, she was not directly implicated in the fraudulent activities.
In September of the previous year, the Seoul High Court sentenced Kwon to three years in prison, with a suspension of four years, and imposed a fine of 500 million won (approximately US$340,000). Another individual, identified by the surname Sohn, received a six-month prison sentence, suspended for one year.
The Supreme Court confirmed that the lower court ruling did not contain any legal errors regarding the defendants. Despite allegations of Kim's involvement, prosecutors decided not to indict her last October, concluding that she was unaware of the misuse of her accounts. The prosecution differentiated her case from Sohn's, who was found to be in direct contact with traders engaging in the manipulation activities.