Na Kyungwon: "Kim Seungwon's New Drug Lobbying Raises Stock Manipulation Suspicions"... Calls for National Assembly Investigation and Special Prosecutor

"Claim: Cashed Out 6.3 Billion Won Using MFDS Approval as Bait"
Kim Seungwon: "Would Prosecutors Have Stayed Silent If I Was Involved in Stock Manipulation?"

On September 7, Na Kyung-won, a member of the People Power Party, claimed that allegations of lobbying related to new drug development involving Justice Minister nominee Kim Seung-won had led to stock price manipulation surrounding Genencell and Sejong Medical. Na called on President Lee Jaemyung to withdraw Kim's nomination and to initiate a compulsory investigation.

On this day, during a press conference at the National Assembly alongside lawmakers Park Sooyoung and Joo Jinwoo, Na stated, "In October 2021, nominee Kim reportedly sent a direct lobbying text message to the then Commissioner of the Ministry of Food and Drug Safety immediately after a phone call with a broker surnamed Yang. There are also details confirming he instructed others to keep silent."

She continued, "The outcome of this lobby was a devastating 'stock manipulation bomb.' Using the MFDS approval as bait, Genencell founder Kang allegedly transferred shares and convertible bonds (CBs) to the listed company Sejong Medical, cashing out 6.3 billion won."

Na Kyung-won, People Power Party member. Photo by Yonhap News

She further raised suspicions of a connection between Genencell, the KH Group, and the Daejang-dong and Ssangbangwool North Korea remittance scandals. Na said, "Behind Genencell, which nominee Kim sought to favor by directly pressuring the MFDS, is KH Philux, which invested a large sum. The KH Group invariably appears whenever Daejang-dong funds are traced."

She added, "We must immediately discuss a parliamentary investigation and independent counsel into the stock manipulation and corruption gate that connects Genencell, Sejong Medical, the KH Group, and Daejang-dong. President Lee should withdraw Kim's nomination without delay and establish the facts through a thorough compulsory investigation."

Lawmaker Joo Jinwoo also commented, "If this case had been allocated to the Southern District Prosecutors' Office, which specializes in stock manipulation, they would have investigated that aspect at the time. The Western District Prosecutors' Office missed the stock manipulation allegations in this case," he added.

In response, nominee Kim Seung-won completely denied any involvement in stock price manipulation.

He stated, "I learned for the first time through these media reports that Genencell is an unlisted company. Since 2023, investigations into stock price manipulation related to these companies have been ongoing for three years, yet I have never been summoned or notified as a subject of investigation." He continued, "If I had been involved in stock manipulation, the prosecution would not have left me alone for three years, would they?"

This content was produced with the assistance of AI translation services.