An intelligence report indicating that Lee Ki-hoon, Vice Chairman of Sambu Construction and Chairman of Wellbiotech, a key figure implicated in the Sambu Construction stock manipulation scandal, is attempting to flee the country via illegal means, has put investigative authorities on high alert. With the possibility of Vice Chairman Lee, who went into hiding after failing to appear for his pre-arrest warrant review (substantive warrant examination) in court, escaping overseas, agencies including the Korea Coast Guard are mobilizing all efforts to track him down.
"Shadow Power" Lee Ki-hoon Goes into Hiding After Skipping Warrant Review
Vice Chairman Lee Ki-hoon has been referred to as a "shadow power" for his deep involvement in the process of Sambu Construction Chairman Lee Il-joon acquiring Sambu Construction shares from former Sambu Construction Chairman Jo Sung-ok. Furthermore, stock manipulation allegations surrounding him do not appear to be limited to Sambu Construction, as Wellbiotech, where he also serves as chairman, saw its stock price surge after news of its participation in a Ukraine reconstruction forum in Poland.
Special Prosecutor Min Jung-ki's team requested arrest warrants for Vice Chairman Lee and four current and former Sambu Construction executives. The substantive warrant examination was scheduled for July 17th. However, Vice Chairman Lee did not appear in court without any prior contact. Consequently, the court issued arrest warrants only for Chairman Lee Il-joon and former CEO Lee Eung-geun, while dismissing the warrant for former Chairman Jo Sung-ok. The decision on Vice Chairman Lee's arrest will be made separately once he reappears.
Special Prosecutor Oh Jung-hee stated at a briefing on July 18th that they would "issue an arrest warrant for Vice Chairman Lee and promptly proceed with the apprehension process," demonstrating a strong will to secure his custody.
Intelligence Received on Smuggling Attempt… Coast Guard Activates Nationwide Surveillance
As Vice Chairman Lee Ki-hoon's disappearance showed signs of prolonging, at approximately 10 PM on July 18th, the Korea Coast Guard received intelligence from Special Prosecutor Min Jung-ki's team that Vice Chairman Lee might attempt to smuggle out of the country. It is understood that the special prosecution team shared intelligence they had independently acquired with the Coast Guard.
Upon receiving this intelligence, the Coast Guard immediately intensified surveillance on suspicious fishing boats and vessels, particularly around ports nationwide, and deployed all available resources to block Vice Chairman Lee's escape routes. As illegal smuggling often occurs at night or in the early hours using small vessels, the Coast Guard has significantly reinforced patrols along coastlines and adjacent areas in preparation for any eventuality.
A Coast Guard official stated, "While no unusual movements related to smuggling have been reported yet, we are intensifying nationwide patrols and closely monitoring the possibility of Vice Chairman Lee attempting to smuggle out." Furthermore, it is known that investigative authorities are considering international cooperation in case Vice Chairman Lee manages to flee overseas.
Focus on Potential Links to First Lady Kim Keon-hee's Allegations
The intelligence regarding Vice Chairman Lee Ki-hoon's attempted smuggling is drawing more attention because the Sambu Construction stock manipulation allegations he is involved in are being investigated by Special Prosecutor Min Jung-ki's team, which is also probing allegations related to First Lady Kim Keon-hee. Given past suspicions of First Lady Kim Keon-hee's involvement in Sambu Construction-related stock transactions, it is analyzed that Vice Chairman Lee's testimony could significantly impact the investigation concerning the First Lady.
Vice Chairman Lee is known to have played a pivotal role in Sambu Construction's management and is well-versed in internal affairs. If his custody is secured, significant progress is expected not only in uncovering the full scope of the Sambu Construction stock manipulation allegations but also in clarifying the truth behind the allegations involving First Lady Kim Keon-hee. Investigative authorities are putting all their efforts into securing Vice Chairman Lee's custody, aiming to prevent his escape and continue the investigation to uncover the truth of the case.
[Copyright (c) Global Economic Times. All Rights Reserved.]
