Kim Yong-beom, Vice Minister, "Strict Measures Against Market Disruption Acts Such as Masks... 31 Suspected Cases Detected"

[Asia Economy Reporter Kwangho Lee] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 7th, "To promptly stabilize the supply of health masks, we will thoroughly investigate hoarding, unfair trade, profiteering and tax evasion, smuggling exports, etc., and take strict measures against violations."

On the same day, Vice Minister Kim held a 'Meeting to Review the Progress of Measures to Prevent Market Disruption of Masks, etc.' at the Government Complex Seoul and said, "Although the daily production scale of masks as of the 6th has increased sharply to 9 million units compared to the pre-outbreak level of 2 to 3 million units, the shortage of health masks continues on the ground, and public concerns about mask supply persist."

Vice Minister Kim explained, "As a result of investigations by the government joint crackdown team (180 members), which additionally includes the National Police Agency and the Korea Customs Service, and the Central Investigation Team for Harmful Cases of the Ministry of Food and Drug Safety, 31 suspicious cases were detected. Two cases have been reported to the police and are under investigation, and two more cases are scheduled to be requested for investigation."

He added, "Since the enforcement of the hoarding prohibition notice (on the 5th), 703 reports (146 cases to the Ministry of Food and Drug Safety, 557 cases to local governments) submitted by the public to the reporting centers will be thoroughly investigated, and strong measures will be taken if violations are confirmed." He urged, "The public is encouraged to actively report any suspicious cases to the reporting centers established by the Ministry of Food and Drug Safety and local governments."

Vice Minister Kim also said, "The strengthened export declaration procedures have been in effect since the 6th," and "During the export declaration review process, 30 cases of false declarations and excessive mask exports were found, and customs clearance has been suspended and investigations are underway."

Under current law, if the value is below 2 million KRW, carrying out or simplified export declaration is allowed, and if it exceeds 2 million KRW, a formal export declaration is required. However, going forward, carrying out or simplified export will only be allowed for 300 units or less when the value is below 2 million KRW, and simplified export will be allowed for 301 to 1,000 units. In other words, if the value exceeds 2 million KRW or the quantity exceeds 1,000 units, a formal export declaration must be made.

Vice Minister Kim emphasized, "We will thoroughly investigate and take action on suspicious cases such as profiteering, tax evasion, violations of the Fair Trade Act and the Electronic Commerce Act, including high-priced sales discovered through the joint investigation team and reporting centers," and "For businesses that have been reported, we will conduct thorough investigations and strictly enforce judicial measures."

Vice Minister Kim particularly mentioned, "Separately from these measures, we are preparing to implement emergency supply adjustment measures for the first time since the enactment of the Price Stabilization Act (1976)," and "We plan to swiftly complete the related notice establishment procedures, including the Cabinet meeting on the 11th, and implement the measures within next week."

This content was produced with the assistance of AI translation services.