7 Seconds That Changed Everything: The Bizarre Court Ruling on a Lightning-Fast Sale

◀ Again ▶

When first lady Kim Kun-hee was investigated by the prosecution regarding the Deutsche Motors incident last July, she was reported to have issued a statement completely denying the court’s ruling and the suspicions revealed by the prosecution.

It said it declared it did not trade shares in cooperation with the military.

They presented the opposite argument to what the court found to be a coordinated agreement.

Journalist Sang-moon Yoon reports.

◀ Report ▶

On November 1, 2010, Mr. Kim, who was found guilty in the first and second trials on charges of manipulating the stock price of Deutsche Motors, sent a text message to his accomplice, Mr. Min, at 12 noon. asking him to sell 80,000 units at 3,300.

Mr. Min then replies that he will prepare it in a minute.

Another 21 minutes later, Mr. Kim texts Mr. Min saying, “Sell.”

And 7 seconds later, an order to sell 80,000 shares of Deutsche Motors at 3,300 won per share was issued from the Daishin Securities account in the name of Ms. Kim Kun-hee, and these shares were purchased by the accomplices of the stock price manipulation .

The First and Second District Courts ruled that this transaction was an unauthorized sale, i.e., stock price manipulation.

However, it is known that Ms. Kim stated in a direct investigation by the prosecutor’s office last July that she personally placed the sales order.

Since he personally managed the account, the timing could coincide coincidentally, but they are interpreted as meaning that the circumstances of the collusion of stock price manipulators and his order are separate.

However, the prosecution revealed its suspicions about Ms. Kim during the trial.

In the transcript immediately following this transaction, an employee of Daishin Securities stated, “All 80,000 shares of Deutsche Motors were just sold,” and Ms. Kim responded, “Oh, I see.”

On October 28 of that year, when an employee of a stock brokerage firm said, “I paid for 100,000 shares and someone is taking them,” Ms. Kim replied, “It’s all settled.”

At the appeal trial, the prosecutor said: “There was a ‘pseudocommunication’ between former Deutsche Motors chairman Kwon Oh-soo and Ms. Kim.”

Medical contact is not simple contact, but a legal term meaning contact with the purpose of committing a crime.

Regarding the fact that a sell order was sent just 7 seconds after Min received the SMS, he said: “I believe it was a pre-prepared situation.”

Even former President Kwon, the main culprit, argued in the appeals court that this transaction was not an authorized sale because Ms. Kim ordered it herself, but the court did not accept it.

I’m Sang-Moon Yoon from MBC News.

Video editor: Lee Jeong-geun

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