Key figure in stock manipulation case linked to ex-first lady appears for special counsel questioning

Lee Ki-hoon, vice chairman of Sambu Construction, appears at special counsel Min Joong-ki's office in Seoul, Thursday. Yonhap

A senior construction company executive appeared before a special counsel team Thursday to be questioned about allegations of stock price manipulation possibly implicating former first lady Kim Keon Hee.

Lee Ki-hoon, vice chairman of Sambu Construction, arrived at special counsel Min Joong-ki's office in Seoul, a day after he was taken into custody in the southwestern city of Mokpo for allegedly planning the scheme to boost the company's shares in 2023.

Min's team, which is tasked with investigating corruption allegations surrounding the former first lady, is expected to question Lee about Kim's possible role in the scheme.

The team suspects Kim's involvement after her close associate, who managed her financial accounts, sent a message in a group chat telling its members to "check" Sambu Construction, before its stock price sharply rose.

The company is suspected to have misled investors at the time that it would push for reconstruction projects in Ukraine. Its stock price shot up from the 1,000-won level ($0.72) in May 2023 to 5,500 won two months later.

Lee faces charges of reaping tens of billions of won in profit from manipulating Sambu Construction's stock price from May to September 2023.