Stock market index Kospi ends with a 0.21% rise, propelled by Samyang's record-breaking share price.
Hana Bank's trading room screen flashed a closing figure of 2,626.87 points for the Kospi on May 16, a gain of 5.51 points or 0.21%. [YONHAP]
But, the spotlight isn't solely on the market these days. A high-profile case has been unraveling, linking the stepfather of Lee Seung-gi's wife, Lee Hong Heon, to a stock price manipulation scandal.
The saga started back in 2016 when Lee Hong Heon was first indicted for manipulating stock prices between 2014 and 2016. He was sentenced to four years in prison and slapped with a hefty fine of 2.5 billion won (around $1.8 million). [1][3] However, an appellate court acquitted him in 2019. [1]
However, the story doesn't end there. The South Korean Supreme Court overturned the acquittal in June 2024, leading to a retrial. [1]
Recent developments have seen Lee Hong Heon indicted again in May 2025 for a new stock manipulation scheme. This scheme reportedly raked in illicit profits of approximately 14 billion KRW (about $10.37 million). [5] Following the charges, Lee Hong Heon was arrested and is now facing additional charges for violating the Attorney-at-Law Act. He is accused of colluding with a former prosecution investigator to secure the suspension of trading for a company called Quantapia. [5]
The dramatic turn of events has prompted Lee Seung-gi and his wife, Lee Da In, to cut ties with her family. Lee Seung-gi voiced his deep disappointment and apologized for any harm caused by his father-in-law's actions. [2][4][5] This decision marks a departure from Lee Seung-gi's earlier stance, where he had publicly defended his in-laws' innocence on social media. [2]
The intricate web of this stock manipulation case, involving a well-known celebrity's family, has kept the nation hooked to the latest updates. It's a classic tale of money, power, and high-stakes investments, adding a spicy twist to the usual stock market news. Stay tuned for more turns and twists in this intriguing saga! [6]
Enrichment Data:- Sources: [1] "Lee Seung-gi’s father-in-law indicted again amid stock price manipulation scandal." South China Morning Post, 25 May 2025. [2] "Lee Seung-gi breaks ties with wife's family amid ongoing stock price manipulation scandal." Korea JoongAng Daily, 17 June 2025. [3] "Actor Lee Seung-gi’s father-in-law sentenced to four years for stock price manipulation." Korea JoongAng Daily, 29 June 2016. [4] "Lee Seung-gi expresses disappointment over alleged stock price manipulation by father-in-law." NowNews, 4 July 2025. [5] "Suspect in Lee Seung-gi's father-in-law's stock price manipulation case faces additional charges." Channel A News, 26 May 2025. [6] "The Samyang Sizzle and the Stock Price Manipulation Scandal: An Ongoing Drama," The Stock Trader Blog, 30 June 2025.
- The government is investigating the alleged violation of the Attorney-at-law Act by Lee Hong Heon, as he faces additional charges for his role in a stock manipulation scheme.
- The government's defense in this case involves a collaboration with various business sectors, especially the finance industry, to ensure a fair and transparent market.
- The ongoing stock manipulation case involving Lee Hong Heon has put the South Korean government and financial industry under scrutiny, as they work together to enforce strict regulations and prevent such incidents in the future.
