The Reality of 'Gongjik Biri'... From Stock Purchases Using Confidential Data to Golf Entertainment
Board of Audit and Inspection's 'Local Government Public Official Corruption Check' Audit... Use of Confidential Investment Bidding Data, Nominee Stock Purchases
[Asia Economy Reporter Ryu Jeong-min] On the 26th, the Board of Audit and Inspection disclosed cases of public officials who purchased stocks under false names using non-public information or received golf entertainment from related parties in its audit report on 'Inspection of Corruption in Local Government Officials.'
According to the Board of Audit and Inspection, Mr. A, affiliated with the Financial Services Commission, was in charge of corporate restructuring and confirmed the participation of bidders for investment attraction based on non-public information reported by the Korea Development Bank. He then sent 5 million KRW to his younger brother, encouraging him to invest in stocks. Additionally, he used non-public information related to companies he was responsible for and trends from other departments to purchase stocks of other companies under false names.
Furthermore, Mr. A informed an acquaintance about the sale bidding news, prompting them to purchase related stocks.
The Board of Audit and Inspection stated, "We requested disciplinary action (suspension) against Mr. A, who used confidential information obtained during work to trade stocks under false names related to his duties and disclosed such secrets to others to assist in stock trading, to the Chairman of the Financial Services Commission."
Meanwhile, three public officials affiliated with Changwon City were investigated for playing golf with related parties between one and ten times and receiving entertainment such as golf expenses.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Not Jealous of Winning the Lottery"... Entire Village Stunned as 200 Million Won Jackpot of Wild Ginseng Cluster Discovered at Jirisan
- "Rather Than Endure a 1.5 Million KRW Stipend, I'd Rather Earn 500 Million in the U.S." Top Talent from SNU and KAIST Are Leaving [Scientists Are Disappearing] ①
- "How Did an Employee Who Loved Samsung End Up Like This?"... Past Video of Samsung Electronics Union Chairman Resurfaces
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
The Board of Audit and Inspection announced, "We requested disciplinary action against the public officials who received entertainment such as golf from related parties and failed to report these facts to the Mayor of Changwon. We also notified the court with jurisdiction over fines for violations of the Act on the Prohibition of Improper Solicitation and Graft to take appropriate measures."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
