Former police officer arrested for 'Quantafia manipulation'

A former police officer accused of artificially floating the stock price of renewable energy company "Quantopia" has been arrested.

The Seoul Southern District Court issued an arrest warrant today (14th) for Kim, a former investigator of the Seoul Metropolitan Police Agency, and two company officials who are suspected of investing directly in companies and being involved in stock prices, saying they are feared to run away.

Kim and others are accused of promoting Quantumia's quantum image sensor business and raising stock prices, but the stock price rose from 700 won per share to 4,700 won per share last year.

Earlier, Quantafia posted a public announcement that it would raise 100 billion won worth of convertible bonds, but the investment was not actually made, and the prosecution forced an investigation into the company in August.