Special Prosecutor Min Joong-ki Faces Controversy Over 'Profits from Share Sales Before Delisting'... "Sale Was Advised by Brokerage"

[Financial News] Min Joong-ki, who leads the Special Prosecutor Team investigating Kim Keon Hee, is facing allegations that he made tens of billions of won in profit by selling shares before their delisting.
On the 17th, the Special Prosecutor Team stated, "Special Prosecutor Min invested about 30 to 40 million won in the company around the early 2000s through an acquaintance, not a company official. Around 2010, he sold the shares for approximately 130 million won after being advised to do so by a brokerage employee."
In 2010, while serving as a presiding judge at the Seoul High Court, Min Joong-ki sold unlisted shares of the solar materials company NEOSEMITECH CORPORATION, making a profit. The company was delisted less than a year later, on August 23, 2010, after accounting fraud resulted in losses of over 200 billion won for more than 7,000 small investors.
These allegations stem from Min Joong-ki’s connection to NEOSEMITECH CORPORATION. When it became known that Myunghwan Oh, former CEO of NEOSEMITECH CORPORATION, was a classmate of Min Joong-ki at Daejeon High School and Seoul National University, suspicions arose that Min may have gained substantial profits using undisclosed information. Myunghwan Oh was convicted in 2015 for selling his shares using undisclosed information just before the company’s listing.
During the investigation of Kim Keon Hee in August, the Special Prosecutor Team pressed her based on her investment in NEOSEMITECH CORPORATION in 2009. When Kim claimed she did not know how to trade stocks, the team countered by presenting her investment records in several companies, including NEOSEMITECH CORPORATION. In this process, the team presented a recorded phone call between Kim and a brokerage employee, in which Kim reportedly mentioned NEOSEMITECH CORPORATION shares and said, "I was the first to receive today’s short selling offer." However, this detail was ultimately excluded from the indictment against Kim.
theknight@fnnews.com Jung Kyung-soo Reporter