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[Alpha Biz=(Chicago) Reporter Paul Lee] Prosecutors have set up an arrest team to arrest the main culprit behind the stock price manipulation of Youngpoong Paper. In addition, he requested an arrest warrant again for the lawyer who helped the general manager escape.
Ha Dong-woo, a senior prosecutor of the joint investigation into financial and securities crimes at the Seoul Southern District Prosecutors' Office, said on the 6th that he is investigating the crime committed by Youngpoong Paper's stock price manipulation organization and that an arrest team has been set up to track down the main culprit A, who is currently on the run. In addition, the prosecution again sought an arrest warrant for lawyer B, who helped A escape.
Prosecutors earlier sought an arrest warrant for B, but the court rejected the request on the 30th of last month, saying, "There is room to argue over criminal charges and there is no fear of fleeing or destroying evidence."
These organizations are accused of manipulating the market price of 35.97 million shares of Youngpoong Paper over a total of 38,875 times to make unfair profits worth 278.9 billion won. Shares of Youngpoong Paper stayed at 5,000 won earlier this year before soaring to 50,000 won in early September before plunging about 30 percent in mid-October.
The driver who helped the general manager of the organization escape was arrested and charged with the crime of criminal escape. The person in charge is currently on the nomination list. In order to arrest A, the Supreme Prosecutors' Office has set up an arrest team with manpower support and is tracking him down.
Prosecutors earlier arrested and indicted four members of the organization on charges of violating the Capital Market Act on the 3rd of last month for participating in the stock price manipulation of Youngpoong Paper.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
