Kim Keon Hee Special Prosecutor Team to Summon Seonkyo Kim Over 'Yangpyeong Gongheung District Development Favoritism' on the 21st

[Financial News] The Kim Keon Hee Special Prosecutor Team, led by Special Prosecutor Min Jung-gi, plans to summon Seonkyo Kim, a People Power Party lawmaker, as a suspect on the 21st in connection with the alleged favoritism in the Yangpyeong Gongheung District development. Deputy Special Prosecutor Sang-jin Park announced this at a regular press briefing held at KT Gwanghwamun Building West in Jongno-gu, Seoul, on the afternoon of the 17th.
Representative Kim is under suspicion of causing state fund losses under the Act on the Aggravated Punishment of Specific Crimes. At the time of the Yangpyeong Gongheung District development favoritism case, he served as the governor of Yangpyeong County. He is accused of granting preferential treatment to ESI&D, a company owned by the family of First Lady Kim, by exempting them from development charges during their apartment development project in the Gongheung District from 2011 to 2016.
The special prosecutor team is also considering reapplying for an arrest warrant for Yang Namhui, chairman of Well Biotech, in connection with the 'Well Biotech stock manipulation allegations.' The team had previously requested an arrest warrant for Yang Namhui on the 14th. For Park Gwang-nam, the vice chairman named as an accomplice, the team has requested a red notice from INTERPOL.
However, Jungho Park, chief judge in charge of warrants at the Seoul Central District Court, dismissed the arrest warrant for Chairman Yang on the 16th, stating, "There is insufficient evidence to justify detaining the suspect regarding the main charges, the attribution of profits, and there is a lack of specificity regarding concerns of flight or destruction of evidence."
The allegations center on claims that in 2023, after Well Biotech was classified as a Ukraine reconstruction stock and its share price surged, Chairman Yang and others issued and sold Convertible Bonds (CBs), generating approximately 40 billion KRW in illicit capital gains.
[email protected] Kim Dong-gyu Reporter