[News Today] FIRST LADY CLEARED IN STOCK CASE

[LEAD]
In the high-profile Deutsch Motors stock manipulation case, prosecutors have cleared First Lady Kim Keon-hee and her mother, Choi Eun-soon, of any wrongdoing. This announcement comes four and a half years after the Open Democratic Party's initial complaint in April 2020, marking a pivotal moment in the investigation.

[REPORT]
The prosecution has decided not to indict first lady Kim Keon-hee over alleged involvement in a Deutsch Motors stock manipulation scheme.

Jo Sang-won / Seoul Central District Prosecutors Office
We decided not to indict. It was difficult to see first lady having knowledge of the crime when entrusting her accounts or conducting transactions.

The first and second trials on former Deutsch Motors chairman Kwon Oh-soo and others recognized that three accounts of Kim were used in the stock manipulation.

Prosecutors concluded that Kim was unaware of such activities with her accounts.

Regarding two accounts whose management was entrusted to stock experts, the prosecution said the so-called main actors testified that they didn't tell Kim about the manipulation or that Kim must have entrusted the accounts because she had no knowledge of it.

Other involved figures also reportedly said that they did not alert Kim about the stock manipulation, which is consistent with her own claim.

As for the other account the first lady directly managed and from which she placed a transaction order through a securities firm employee, prosecutors said a recording of her order shows Kim making a decision in consultation with the employee.

The charge that Kim abetted stock manipulation was also dismissed.

According to prosecutors, a financier and professional investor surnamed Sohn knew about the manipulation, proven through text message exchange with a main actor surnamed Kim, but there was no such circumstantial evidence concerning Kim.

All in all, the conclusion reached was that former Deutsch Motors chair Kwon used Kim's accounts and funds in stock manipulation.

Prosecutors also decided not to indict Kim's mother Choi Eun-soon on the same grounds believing she entrusted her account for investment, unaware of such a scheme.