[2021 National Audit] Political Affairs Committee Also Holds ‘Daejang-dong Audit’ Opposition Demands “Conduct Accounting Inspection of Hwacheon Daeyu”

People Power Party Lawmakers
Demand Financial Supervisory Service Audit
on SK Securities and Kin & Partners for Hwacheon Daeyu Accounting Review

Kang Min-guk, a member of the People Power Party, is speaking at the National Assembly's Public Administration and Security Committee's audit of the Office for Government Policy Coordination held at the National Assembly on the 1st. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] The Financial Supervisory Service (FSS) hearing held by the Political Affairs Committee on the 7th resembled the 'Daejang-dong brawl.' Members of the People Power Party insisted that, regardless of the prosecution's investigation, the FSS must immediately launch investigations into Kin & Partners and SK Securities, as well as conduct an accounting audit of Hwacheon Daeyu.

During the questioning, Kang Min-guk, a member of the People Power Party, asked FSS Governor Jeong Eun-bo, "Investigations into Kin & Partners and SK Securities and accounting audits of Hwacheon Daeyu are the FSS's responsibilities. Do you think these are necessary?" Governor Jeong responded, "This is a matter currently under investigation." Kang then asked, "This is something that should be done separately from the investigation in the financial sector. Do you need permission from the Financial Services Commission to start audits or similar actions?"

Governor Jeong replied, "When conducted independently, these proceed according to regular inspections and annual plans, and certain matters require appropriate conditions."

Kang said, "Even these inspections cannot be conducted by the FSS itself. I believe legislative amendments are necessary to enhance the FSS's inherent functions and supervisory autonomy and efficiency. I will actively promote related bills."

Yoon Joo-kyung, also from the same party, inquired about whether an audit of Hwacheon Daeyu would be conducted. Governor Jeong stated, "According to external audit regulations, accounting audits may not be conducted during ongoing investigations," but added, "I will actively consider necessary accounting inspections as the situation progresses."

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