Prosecutors cleared Covana Contents, an exhibition agency run by first lady Kim Kun Hee, of allegations that it received bribes disguised as sponsorships from companies on Thursday.

The Seoul Central District Prosecutor's Office said that it has dismissed Kim's bribery charges for lack of evidence.

As CEO of Covana Contents, Kim has curated several art exhibitions, including an exhibition of artworks by Alberto Giacometti in 2018 and an exhibition of Fauvism in 2019, which were sponsored by 10 and 17 large companies, respectively.

President Yoon Suk Yeol served as the head of the Seoul Central District Prosecutors' Office in 2018, and was nominated as the prosecutor general by the time Covana Contents organized the Fauvism exhibition. Suspicions were raised that large companies may have extensively sponsored Kim’s company to build a connection with Yoon.

The prosecution said there was insufficient evidence of intended bribery after conducting its investigation of Kim, Covana Contents employees and officials from companies that provided sponsorships.

Earlier, the prosecution had cleared Covana Contents of violating the anti-graft law in December 2021 regarding another exhibition -- held from December 2016 to March of the following year -- involving works of Le Corbusier. The exhibition was sponsored by 23 companies, including Deutsche Motors, the company related to Kim’s alleged involvement in a stock manipulation scheme.

Kim has so far been cleared of all charges related to Covana Contents sponsorships, but the prosecution is still investigating the alleged involvement of Kim in stock price manipulation.