During the plenary session on Dec. 28, the South Korean National Assembly approved a proposal for a special investigation into allegations of stock manipulation involving First Lady Kim Keon-hee.
The proposal received unanimous support from the attending 180 members. However, members of the ruling People Power Party (PPP) opposed the motion, citing concerns that it was targeting the general election. Following their disagreement, PPP members left the assembly hall, abstaining from the vote. Despite PPP’s opposition, the proposal gained formal approval, with the Democratic Party of Korea (167 seats) and the Justice Party (6 seats) securing a majority over PPP’s 112 seats in opposition.
First Lady Kim is accused of manipulating stock prices of Deutsch Motors Inc., a notable BMW car dealer in Korea, between 2009 and 2012. During the Moon Jae-in administration, First Lady Kim was not indicted in the 19-month investigation conducted by the Seoul Central District Prosecutors’ Office.
This development follows the designation of the mentioned proposal and another special investigation proposal as ‘fast-track’ items by opposition parties in April of last year. The second proposal addresses the “5 billion club” allegations, claiming that six influential individuals were promised 5 billion won each from an asset management firm involved in a corruption-ridden development project in the Daejang-dong district in Seongnam, south of Seoul.
