Former first lady indicted for stock manipulation and bribes

On Aug. 29, the special prosecution team indicted former First Lady Kim Kun-hee, wife of former President Yoon Suk Yeol, on charges including collusion in stock manipulation and took her into custody. She is the first first lady in South Korea’s history to be indicted and detained. It is also the first time a former president and spouse are facing trial at the same time. Former President Yoon is currently on trial after being indicted and detained by the special prosecution investigating the rebellion case.

The Kim Kun-hee special prosecution said she was indicted on charges of violating the Capital Markets Act and the Political Funds Act, as well as receiving bribes under the Act on the Aggravated Punishment of Specific Crimes. The prosecution described her as an accomplice in the Deutsche Motors stock manipulation case, colluding with the main perpetrators rather than acting merely as a financier.

The charges also include allegations that, along with former President Yoon, she received public opinion surveys worth 270 million won free of charge from political broker Myung Tae-gyun. She is also accused of colluding with religious figure Jeon Seong-bae to receive gifts valued at 80 million won, including Chanel bags, from the Unification Church.

The special prosecution requested the seizure of 1.03 billion won out of the total 1.16 billion won in alleged illicit gains, simultaneously with her indictment. This measure freezes the proceeds to prevent them from being spent freely. “The prosecution explained that about half of the 270 million won in free public opinion surveys, roughly 130 million won, was excluded because both former President Yoon and Kim were involved. Investigations into other allegations, including suspicions that positions were granted in exchange for bribes, will continue even after her indictment.

“I am truly sorry for the concern this situation has caused the public, and every day has been extremely painful," Kim said in a statement released immediately after her indictment on the day. "Just as the moon shines brightly on the darkest night, I will endure this time by reflecting on my truth and my heart.”


이윤태 기자 oldsport@donga.com·