DP calls for explanation over attendee at Yoon's inauguration ceremony

All News 16:18 July 25, 2022

SEOUL, July 25 (Yonhap) -- The main opposition Democratic Party (DP) on Monday urged the presidential office to reveal why the son of a businessperson under investigation over a stock manipulation case allegedly involving first lady Kim Keon-hee attended President Yoon Suk-yeol's inauguration ceremony.

Earlier Monday, a local news outlet, Sisa Journal, reported that the son of Kwon Oh-soo, the chairperson of Deutsch Motors Inc., a BMW car dealer in South Korea, attended the ceremony held at the National Assembly complex in May as a VIP guest.

The Deutsch Motors head has been indicted on charges of leaking insider information to induce purchases of the company's stocks and later placing fake buying bids using his stock account to jack up the prices.

He is also suspected of mobilizing influential market players, and contacting stock companies and analysts to stir up market buzz around the company and promote purchases.

The case has drawn wide attention over the first lady's alleged involvement in the case.

"The presidential office should disclose why the son of a key figure in a stock manipulation case was invited to the inauguration ceremony and who invited him," Rep. Jo O-seop, a DP spokesperson, said.

"If the presidential office fails to give a clear explanation, it will be seen as admitting to the allegation that first lady Kim Keon-hee and Deutsch Motors shared economic interests."

The presidential office, however, said it is difficult to confirm the list of attendees at the inauguration ceremony and even if Kwon's son did, it would not affect the ongoing investigation.