On October 17, South Korean prosecutors announced that First Lady Kim Geon-hee will not face charges related to the alleged manipulation of Deutsche Motors’ stock prices. According to the Yonhap News Agency, the Seoul Central District Prosecutors’ Office concluded that there was no evidence of wrongdoing by Kim.

The decision comes approximately four and a half years after the Democratic Party of Korea filed a complaint in April 2020, accusing Kim of involvement in stock price manipulation. Reports indicate that Kim is accused of providing financial support to Choi Won-soo, the chairman of Deutsche Motors, during a period from 2009 to 2012 when he allegedly enlisted stock market experts to manipulate share prices.

Prosecutors have identified six accounts linked to Kim that were involved in stock price manipulation, three of which were recognized by the courts as part of the manipulation case against Choi Won-soo. However, they concluded there was insufficient evidence to prove that Kim was aware of these actions or engaged in stock trading with the manipulation group.

According to the prosecutors, Kim lacked expertise in stock investment and, at the urging of her friend Choi Won-soo, delegated control of her account to others or traded on her own, without understanding that this could affect stock prices. They stressed that the truth of the matter is that Choi and other suspects exploited her and other investors’ accounts and funds during the manipulation process. Additionally, prosecutors found that over 90 individuals, including Kim’s mother Choi Eun-soon, were wrongfully implicated in the stock price manipulation case and had no criminal liability.