[News Today] Sambu case sent to prosecution

[LEAD]
Financial authorities have reported Sambu Engineering and Construction to prosecutors over suspected stock manipulation and hundreds of billions of won in unfair gains.

[REPORT]
Sambu Engineering and Construction is a medium-sized construction company focusing on civil engineering.

In terms of the number of contracts, it ranks around 70th.

Early 2023, it was suddenly mentioned as a participant in Ukraine's reconstruction project.

Its stock price fluctuated in the typical way a thematic stock moves.

It surged nearly five-fold from some 1,000 won or 0.70 U.S. dollars in May, 2023 to 5,500 won or 3.85 dollars at some point of trading in July.

Financial authorities confirmed that former and current major shareholders and a former CEO of the company had earned tens of billions of won or tens of millions of dollars during this period.

Accused of spreading false information in the market and selling the stocks higher, they were reported to the prosecution on charges of fraudulent stock trading.

Lee Bok-hyun/ Chief, Financial Supervisory Service (April 16)
We are reviewing to look into the allegations raised by the National Assembly as much as possible within our authority.

Lee Jong-ho is the person who left the message about checking Sambu the following day before the stock price rally.

But Lee, a key figure in the Deutsch Motors stock manipulation scheme, was not among the people accused.

A financial authority official said that despite a probe into financial transactions of Lee and those around him, their links with Sambu had not been found.

Having been sentenced to a jail term for his role in the Deutsch Motors stock manipulation scandal, Lee is seen as the ground for the speculations about former First Lady Kim Keon-hee's possible involvement in the Sambu case.

So far, it seems that Kim will unlikely be summoned for the Sambu issue unless there are new statements or evidence found.

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