History of BBK stock price manipulation incident in Timeline

By Popular Timelines Editorial Team · Updated: July 15, 2025

The BBK stock price manipulation incident revolves around allegations during the 2007 South Korean presidential election concerning candidate Lee Myung-bak's connection to BBK. Lee partnered with Kim to establish BBK and LKE Bank in 1999, but the venture collapsed within a year. Kim faced investigation for alleged embezzlement and stock price manipulation related to the BBK case. The scandal raised questions about Lee Myung-bak's involvement and business dealings, impacting the election.

1977: Mention of the Foreign Corrupt Practices Act (FCPA)

In 1977, the Foreign Corrupt Practices Act (FCPA) was mentioned due to allegations that Samsung bankrolled DAS' legal fees via Akin, Gump, Strauss, Hauer, and Feld, potentially constituting bribery of a foreign official (Lee Myung-Bak).

1999: Lee Myung-bak meets Kim and establishes BBK and LKE Bank

In 1999, Lee Myung-bak met Kim, leading to the establishment of BBK and LKE Bank. This business venture, however, faced bankruptcy in less than a year.

October 2000: Video surfaces of Lee admitting ownership of BBK

In October 2000, three days before the election, a video emerged showing Lee Myung-bak giving a speech at Kwangwoon University. In the video, Lee admitted to founding and directing BBK activities, saying "BBK? Yup, that's mine!"

2007: Allegations during the South Korean presidential election

In 2007, during the South Korean presidential election, allegations surfaced regarding presidential candidate Lee Myung-bak's connection to BBK.

November 17, 2011: Confiscation order entered against DAS

On November 17, 2011, the U.S. Federal District Court in Los Angeles entered a confiscation order against DAS. This order was later rescinded on December 1, 2011.

December 1, 2011: Article published about rescinded confiscation order against DAS

On December 1, 2011, the Korean-American newspaper, Sunday Journal, published an article stating that the U.S. Federal District Court in Los Angeles rescinded the confiscation order against DAS that was entered on November 17, 2011.

December 2011: Allegations arise regarding Lee Myung-bak's family and DAS ownership

In late December 2011, allegations surfaced that members of Lee Myung-bak's family, specifically Lee Sang-Eun, were the owners of DAS, a company involved in the BBK scandal. Korean prosecutors initially stated that Lee Myung-bak did not appear to be the owner.

April 4, 2012: Shin Myung returns to South Korea and turns himself in

On April 4, 2012, Shin Myung, who was accused of writing a fake letter, returned to South Korea from the United States and surrendered to the SPO (Supreme Prosecutors' Office).

March 2018: Allegations arise that Lee Myung-bak is the true owner of DAS

In early March 2018, allegations surfaced that Lee Myung-bak is and always has been the true owner of DAS. This was supported by testimony from Kim Baek-Joon and Lee Sang-Deuk, leading to potential legal implications and turmoil in South Korea.