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Mediation

Former First Lady Kim Keon Hee Indicted on Multiple Corruption Charges

Strategic Insights

— 1 min read

Former First Lady Kim Keon Hee, wife of ousted ex-President Yoon Suk Yeol, has been formally indicted on multiple corruption and bribery charges, making her the first spouse of a former South Korean president to face trial under custody. The indictment, announced by the special counsel team led by Min Joong-ki, accuses Kim of conspiring with the former head of Deutsch Motors, a local BMW dealer, and an associate to manipulate stock prices between 2010 and 2012, earning 810 million won (USD582,000) in illegal profits. The charges also include accepting luxury gifts worth 80 million won from the Unification Church through a shaman in return for business favors in 2022, as well as receiving 270 million won worth of free opinion polls with her husband ahead of the 2022 presidential election.

Key Takeaways:

  • Kim Keon Hee has been indicted on multiple corruption and bribery charges, including violating the Capital Market Act, the Political Funds Act, and the law on the acceptance of bribes for mediation.
  • The indictment alleges that Kim earned 810 million won (USD582,000) in illegal profits by conspiring with the former head of Deutsch Motors and an associate to manipulate stock prices between 2010 and 2012.
  • Kim is also accused of accepting luxury gifts worth 80 million won from the Unification Church through a shaman in return for business favors in 2022.
  • She allegedly received 270 million won worth of free opinion polls with her husband ahead of the 2022 presidential election in exchange for ensuring the nomination of a People Power Party candidate in a by-election.
  • Kim's detention could be extended in the event the special counsel obtains a new arrest warrant on additional charges before the six-month period is up.
  • The indictment marks the first time a former Korean presidential couple, Kim and her husband Yoon, will stand trial under arrest simultaneously.

Statistics:

  • 810 million won (USD582,000) - illegal profits earned by Kim through stock price manipulation
  • 270 million won - value of free opinion polls received by Kim and her husband
  • 80 million won - value of luxury gifts accepted by Kim from the Unification Church
  • 6 months - maximum detention period for Kim before her pretrial arrest expires
  • 2010-2012 - period during which Kim allegedly manipulated stock prices
  • 2022 - year in which Kim allegedly accepted luxury gifts and received free opinion polls

Sources:

  • Yonhap News Agency (August 11, 2023)
  • Korea Times (August 11, 2023)
  • JoongAng Ilbo (August 11, 2023)

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