Rep. Jeong Kuk-kyo
of Democratic Party |
By Kim Tae-jong
Staff Reporter
Rep. Jeong Kuk-kyo of the main opposition United Democratic Party (UDP) was sentenced to three years in prison and a 25 billion won fine on charges of stock price manipulation Friday.
The incumbent proportional representation lawmaker may risk losing his National Assembly seat if his appeal is rejected.
He was charged with stock price manipulation for personal profit through false disclosures. Nearly 1,000 minority shareholders filed a lawsuit for damages against Jeong him July.
Jeong was a major shareholder of tech-venture firm Human & Technology (H&T). Last year, he rigorously publicized that his company would engage in solar energy development projects in Uzbekistan, and that H&T would sign a memorandum of understanding with its government.
The report boosted its stock price, reaching near 90,000 won in October 2007 from around 3,000 won in February, and Jeong gained over 40 billion won through the sale of his stocks. But its shares quickly plummeted back to 3,000 won after H&T announced in November that the energy deal had been dropped.
Jeong was also fined 10 million won for violation of the Election Law by falsely reporting his wealth.
When he ran in the general election last April, he underreported his personal wealth, hiding some 12.5 billion won that he had obtained from stock trades.
The court dismissed the charge of embezzling 800 million won from the company.
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무디스, 스페인·伊·포르투갈 신용등급 강등
