<기사제목>Ministry of Personnel Management: "Jo Yoon-je, KOREA's BOK Monetary Policy Committee Member, Must Dispose of Stocks Within a Month" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] It has been determined that the stocks held by Jo Yoon-je, a member of the Monetary Policy Committee of the Bank of Korea, are related to his duties. Accordingly, Jo must sell any stocks exceeding 30 million KRW within one month. Due to the stocks he holds, Jo was unable to participate in interest rate decisions even after becoming a member of the Monetary Policy Committee.

According to the Bank of Korea on the 23rd, the day before, the Stock Blind Trust Review Committee of the Ministry of Personnel Management concluded that the stocks held were related to his duties and notified Jo of this. The Bank of Korea stated that Jo plans to handle the stocks in accordance with the law.

According to the Public Officials Ethics Act, stocks deemed related to duties must be sold or placed under a blind trust contract within one month from the date of notification.

Before assuming his role as a Monetary Policy Committee member, Jo held stocks in eight companies, but it is known that he currently holds stocks in three KOSDAQ-listed companies. Based on the official gazette as of January, it is estimated that he holds 740,588 shares of SGA, 96,500 shares of Sollid, and 6,000 shares of Seongwang. SGA is an IT company engaged in integrated security solutions and system construction, attracting attention due to its connection with the Bank of Korea’s payment and settlement operations. Its subsidiary, SGA Solutions, is regarded by the market as a blockchain-related stock.

Jo attended the Monetary Policy Committee plenary meeting on the 28th of last month but voluntarily recused himself (excluding a person with a special relationship to the matter from performing duties) due to the stocks he holds, and the committee accepted this. This was the first time a Monetary Policy Committee member missed a meeting due to recusal.

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