Park Yong-jin Urges Financial Authorities to Investigate Hyundai Motor Executive's Alleged Unfair Gains

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Park Yong-jin, a member of the Democratic Party of Korea, plans to urge financial authorities to investigate allegations that Hyundai Motor executives gained unfair profits by using undisclosed information.

Park Yong-jin (Democratic Party of Korea, Seoul Gangbuk-eul) is scheduled to question financial authorities, including the Financial Services Commission and the Financial Supervisory Service, about the recent allegations of Hyundai Motor executives using undisclosed information during the National Assembly's Finance and Economy Committee plenary session this afternoon (17th).

According to Park's office, after reports on January 8 about cooperation discussions with Apple, Hyundai Motor's stock price surged sharply. However, on February 8, just one month later, the announcement of cooperation suspension caused the stock price to plummet, wiping out 13.5 trillion KRW in market capitalization across five Hyundai Motor Group companies in a single day. During this period, from January 11 to 27, 12 executives including Hyundai Motor's executive vice presidents and senior vice presidents sold shares, raising suspicions that they may have used undisclosed information.

It is currently known that the Korea Exchange is monitoring this issue. However, Park's office points out that if the Exchange concludes there is no problem, the financial authorities may not conduct an investigation at their level.

Park Yong-jin stated, "The public views this issue as one of unfairness and is outraged by the suspicion of unfair profit realization," adding, "The financial authorities have a responsibility to promptly resolve these allegations." In his supplementary questioning this afternoon, Park plans to urge that this issue not be treated as a mere incident but that a thorough investigation be conducted to uncover the truth.

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