[Apha Biz=(Chicago) Reporter Paul Lee] Former Daou Kiwoom Group Chairman Kim Ik-rae, who was under investigation for selling a large number of Daou Data shares just before the plunge in stock prices from arbitrage accounts in late April, was also confirmed to have sold shares worth 15 billion won before the crash.

According to the legal and financial investment industry, the Seoul Southern District Prosecutors' Office and a joint investigation team of financial authorities confirmed that Kim's older brother, identified only by his surname Kim, sold Dow Data shares from late December last year to early April this year.

Kiwoom Securities says the deal has nothing to do with former chairman Kim or the crash, but the Financial Supervisory Service believes it needs to further investigate Kim's deal and handed it over to the prosecution as a reference for the investigation.

 

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