Park Beom-gye, Considering Revival of Securities Crime Joint Task Force... "Concerns Over Capital Market Violations"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] Park Beom-gye, Minister of Justice, mentioned the possibility of reinstating the Joint Securities Crime Investigation Unit (합수단).

On the 12th, Minister Park, while heading to the Government Complex Gwacheon, responded to reporters' question about the rumor of reviving the 합수단 by saying, "We are reviewing it under the structure of investigative authority reform."

He continued, "After the Korea Land and Housing Corporation (LH) speculation case, I have heard a lot that securities might be next after real estate," adding, "It is a good thing that the KOSPI and KOSDAQ markets are booming, but there are concerns about cases of stock price manipulation, false disclosures, and violations of the Capital Markets Act using false information."

The 합수단, established in 2013 for specialized investigation of securities crimes, was composed of about 50 experts from the Financial Services Commission, Financial Supervisory Service, Korea Exchange, National Tax Service, and others. The 합수단 was once called the "Yeouido Grim Reaper" as it supported investigations in the same office with dispatched prosecutors, but former Minister of Justice Choo Mi-ae disbanded the 합수단 in January last year, stating she would "reduce the prosecution's direct investigative functions."

Regarding Lee Sung-yoon, Chief Prosecutor of the Seoul Central District Prosecutors' Office, Minister Park briefly replied, "I said everything yesterday." When asked about the possibility of an audit by the Ministry of Justice, he said, "I think it is necessary to review related matters in some form since 2013," adding, "I have never considered the specific level, unit, or method."

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