Securities Market Grim Reaper and Suspect Lee Seong-yoon, Day of Fate Tomorrow

2011 Year 48 People Mass Indicted
Kim Hak-ui Case Involves Suspects
Attention on Prosecutor General Candidate Recommendation Committee Results

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] "Who exactly is Lee Seong-yoon?"

In June to July 2011, the securities industry was suddenly turned upside down by the appearance of a single prosecutor. It was Lee Seong-yoon, the current Chief Prosecutor of the Seoul Central District Prosecutors' Office. At that time, as the head prosecutor of the Financial and Tax Investigation Division 2 at the Seoul Central District Prosecutors' Office, he indicted 48 people in bulk, including scalpers of Equity-Linked Warrants (ELW) and securities company representatives who provided them with unfair favors. He also brought domestic and foreign securities company officials who manipulated the prices of Equity-Linked Securities (ELS) to trial. The securities industry, which suffered a severe blow, began calling him the 'Grim Reaper of the Securities Industry.' Even the business community that witnessed this case regards him with caution. The nickname 'Grim Reaper' is an honorable title for a prosecutor.

Lee is currently a strong candidate for the next Prosecutor General but has become the center of controversy. He is a suspect in the 'Kim Hak-ui illegal departure ban' case and has been in the spotlight for various previous actions. Kim Jong-min, a lawyer and former head of the Suncheon branch office, wrote on his social media on the 23rd, "Lee Seong-yoon, once called the Grim Reaper, is now endlessly falling apart, which is very unfortunate." An insider who has observed Lee said, "He was a person so thorough that he would skip dinner to avoid scandals and manage his stamina, but now he looks precarious," adding, "You never know what will happen in life."

The turning point is the 29th. The Prosecutor General Candidate Recommendation Committee meeting will be held at 10 a.m. at the Government Complex Gwacheon to select the next Prosecutor General. The committee will decide on 3 to 4 candidates to recommend to the Minister of Justice at this meeting. Lee is among the 14 candidates under consideration.

The outlook is mixed. In the legal community, it is believed that the Blue House and the ruling party's intentions will heavily influence the selection of the Prosecutor General candidate. Within the ruling party, opinions are divided: some see Lee as the right person to accomplish the national agenda of prosecutorial reform, while others view him as a burden due to the crushing defeat in the April 7 by-elections and the decline in government and party approval ratings. As alternatives, some are paying attention to former Deputy Minister of Justice Kim Oh-soo and former Busan High Prosecutors' Office Chief Yang Bu-nam.

If Lee becomes the final candidate for Prosecutor General, controversy is inevitable. Concerns about the unprecedented 'suspect Prosecutor General' in constitutional history and the potential emergence of a 'defendant Prosecutor General' if indicted are growing louder. Besides the recommendation committee, Lee also faces an upcoming investigation review committee regarding the 'Kim Hak-ui illegal departure ban case.' The investigation review committee is likely to be held after the recommendation committee meeting. There is also a possibility that the recommendation committee will not finalize the candidate on the 29th but will hold another meeting after reviewing the investigation review committee's results. If that happens, it would indicate that the recommendation committee is seriously considering Lee as the final candidate.

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