[THE INVESTOR] Samsung Electronics has filed a petition with the Seoul Metropolitan Police Agency to track down those who spread false rumors about Samsung Electronics chairman Lee Kun-hee to inflate Samsung-related share prices.

Samsung has requested the investigation based on claims that the culprits violated both telecommunication and capital market laws. 

On June 30, rumors circulated that Samsung would be announcing the death of chairman Lee at 3:00 p.m., which is when South Korean stock markets close. Lee is said to be recovering from a heart attack he suffered two years ago.

Investor sentiment was boosted on the anticipation of a change of power at South Korea’s largest conglomerate. Samsung Group affiliates including Samsung Electronics, Samsung C&T, and Samsung SDI all saw their share prices rise. Samsung SDS, in which Lee‘s son Jae-yong holds a 9.2 percent stake, jumped by over 5 percent.

The Korean Exchange, the nation’s securities operator, eventually asked Samsung to verify the rumors. Samsung denied them.

By Kim Young-won(wone0102@heraldcorp.com)