La Dak-yeon, the CEO of H Investment & Securities, and Kim Ik-rae, the Chairman of Daou Kiwoom Group, are engaged in a heated battle, blaming each other for the rise and fall of the stock prices, and are considered the key figures in the SG Securities scandal.
La claimed that "short sellers, not H Investment & Securities, are the ones responsible for the rise in stock prices. H Investment & Securities did not sell any of the stocks, " and stated that he will seek compensation from Kim and others. In responce, Kim strongly denied the allegations and claimed that "the trades were made when the market was stable and at a fair price, " and announced that he will file a defamation suit against La on May 2.
The prosecution and financial authorities are also speeding up the investigation into the market manipulation allegations against SG Securities and its executives.
In an interview with the Seoul Economic Daily, La stated that he is "100% certain that Kim was responsible for the fall in stock prices," and emphasized that he will do everything he can, including filing a civil lawsuit and submitting a petition, to prove his claims. La did not provide any solid evidence for his allegations against Kim, other than pointing out that Kim made a massive profit by selling his shares in Daou Data prior to the scandal.
La also commented on the situation by stating that "if a fire breaks out, who do you think is the arsonist between the person on who is burning and the person who has insurance outside?" and added that "I have written a payment agreement for investors who suffered losses, stating that I will pay back the remaining amount they owe until they die if they receive compensation from Kim."
Several high-profile investors, including Lee Joong-myung, the former chairman of Ananti, and celebrities Lim Chang-jung and Park Hye-kyung, are among the investors who allegedly lost money in the SG Securities scandal.
La not only accused Kim but also raised suspicions that Kim Young-min, the Chairman of Seoul City Gas, and Seon Kwang, the Chairman of Seon Kwang Industries, may have played a role in the stock price manipulation scandal. La pointed out that "Seon Kwang's stocks had not been shorted for a year, but massive short selling occurred the week before the scandal.
The investigation into the SG Securities scandal is ongoing, and it remains to be seen how this high-profile legal battle will play out.
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