Arrest warrant sought for Jin Seung-Hyun

Prosecutors investigating the financial scandal involving MCI Korea president Jin Seung-Hyun, 27, Sunday asked the court to issue an arrest warrant for the businessman on suspicion of violating a set of laws.

The prosecutors confirmed Jin had manipulated the stock prices of Regent Securities at the instruction of Jim Mellon, 43, British chairman of iRegent Group. Jin would face charges of misappropriation under the Special Law on Aggravated Punishment on Economic Crimes and violating the Stock Exchange Law.

The prosecutors are also probing an allegation that Jin made illegal donations to both ruling and opposition lawmakers during the April 13 general elections. They are tracking the related bank accounts of Jin and people close to him, sources said.

They are also interrogating Kim Sam-Young, a prosecution official-turned-broker, who embezzled 1 billion won Jin gave him to hire a lawyer, and former MCI Korea chairman and senior National Intelligence Service official Kim Jae-Hwan, 55, who introduced Kim Sam-Young to Jin.