Shinjeon Daehyup raised suspicions that Kim Boo-gyeom, chairman of the joint election committee of the Democratic Party of Korea, and Korea Zinc were involved in manipulating SM Entertainment’s stock price. Photo = Yonhap News
On the 12th, suspicions were raised that former Prime Minister Kim Boo-gyeom, who was appointed chairman of the Democratic Party’s joint standing election committee, was involved in stock price manipulation. Another suspicion of corruption has been raised against Chairman Kim, who is not yet free from suspicions that he was involved in the Lyme incident, which caused about 1.6 trillion won in damage to thousands of citizens, and which attracts the attention of the political world.
On the 15th, Shinjeon Daehyup raised suspicions that Chairman Kim and Korea Zinc were deeply involved in manipulating the stock prices of SM Entertainment (hereinafter referred to as SM). Shinjeon Daehyup pointed out that Helios No. 1 of the private equity firm One Asia Partners bought a stake in SM worth more than 80 billion won, and that there were circumstances where the family of the owner of Korea Zinc was involved.
According to Shinjeon Daehyup, Korea Zinc invested 413.3 billion won in four of the six funds managed by the private equity fund One Asia Partners, and they are actually recognized as funds owned by Korea Zinc.
At the end of last year, the Financial Supervisory Service ruled that One Asia violated the provisions prohibiting market manipulation in Article 176 of the Capital Markets Act by buying Kakao and SM stocks in order to interfere with Hive’s tender offer. In fact, SM stock prices gained 120,000, Hive’s tender offer price, increased to 136,000, and Hive failed in the public offer.
As the external director of Korea Zinc, former Justice Minister Song Jeong-ho, as non-executive director, Choi Nae-hyun, who worked as a pro-Democracy Internet media executive, and as the president of external cooperation, Commissioner Jeong Moo -kyung, who was the head of the Public Procurement Service during the Moon Jae-in administration, serves as president of external cooperation. Shinjeon Daehyup’s claim is that he is heavily involved.
Meanwhile, Chairman Kim is not free of any doubts about his involvement in the Lime incident. It continues to be noted that Prime Minister Kim, who was the first Minister of Public Administration and Security under the Moon Jae-in administration, influenced the investigation into the Lyme incident, preventing a proper investigation from being conducted.
Chairman Kim’s son-in-law, Choi Min-seok, and his family, the managing director of Korea Zinc, were revealed to be subscribers to an undisclosed fund Daishin Securities and Lime Asset Management ‘Tethys 11’. Tethys No. 11 included 1.2 billion won by the family of Managing Director Choi, 600 million won by Lee Jong-pil, the former vice president of Lime Asset Management, who was arrested and imprisoned as the main criminal of the Lime incident, and won 34.9 billion from Esmo Materials, which former vice president Lee impeached for illegal activities.
Unlike other Lime products, which can only be redeemed on the 20th of each month, redemptions were possible every day, and the sales commission rate was only 0.04%, which is normally 1%. Starting in June 2019, when the Lime event began to emerge, 27.5 billion won were redeemed early.
In other words, this was the Kim Bu-gyeom family’s ‘tailored product’ and ‘private preferential fund’. Therefore, suspicions continue to arise that it was a secret fund for illegal profits. However, former Prime Minister Kim refused to respond to the allegations at the hearing, consistently saying, “I didn’t know about it because that was the situation of my daughter’s family.”
This is not the only questionable relationship between Director Choi, Korea Zinc, and Lime. Last year, the Financial Supervisory Service published the results of its re-investigation into the Lime incident and revealed that one listed company had received a favorable buyback, and the listed company in Haejang was said to be Korea Zinc. However, former Prime Minister Kim, Executive Director Choi’s family, and Korea Zinc were not properly investigated during the Moon Jae-in administration.
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