"Don't Break the Ants' Enthusiasm for Stocks" 'Hong Nam-ki Dismissal' 청원 Surpasses 200,000 Signatures

According to the Blue House National Petition Board on the 27th, approximately 202,000 people had agreed by 9 a.m. to a national petition titled "Strongly Requesting the Dismissal of Finance Minister Hong Nam-ki."
Photo by Blue House National Petition Board capture

[Asia Economy Reporter Kim Seul-gi] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced plans to strengthen the criteria for major shareholders subject to capital gains tax on stock transfers from the current 1 billion KRW to 300 million KRW starting next year. Meanwhile, a national petition demanding Hong's dismissal has surpassed 200,000 signatures.

According to the Blue House national petition board on the 27th, the petition titled "Strongly Requesting the Dismissal of Minister Hong Nam-ki of the Ministry of Economy and Finance" had approximately 202,000 supporters as of 9 a.m. that day.

The petitioner stated in the petition, "Despite the difficult economic situation, the KOSPI continues to rise due to the participation of Donghak ants (individual investors)," adding, "In this situation, despite the public opinion and the president's request not to discourage the enthusiasm of ant investors regarding the 300 million KRW major shareholder rule established by the previous administration, the Minister of Economy and Finance insists on maintaining the unreasonable 300 million KRW major shareholder regulation."

They further claimed, "Moreover, based on unequal taxation between institutions and foreigners, ant investors are being harmed twice," and argued, "If the 300 million KRW major shareholder rule is implemented, the massive selling by ants will only fill the pockets of institutions and foreigners."

They continued, "It is evident that stock funds flow into the real estate market, negatively impacting real estate policies," and added, "Please dismiss the Minister of Economy and Finance who acts against government policies and appoint a competent new minister who can establish proper policies truly for the people’s ants."

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