Jung Yong-jin "Can't we fight communism if we haven't served in the military?"... Shinsegae Stock Plummets Amid Boycott

Jung Yong-jin, Vice Chairman of Shinsegae Group. / Photo by Yonhap News

[Asia Economy Reporter Na Ye-eun] The controversy surrounding Shin Yong-jin, Vice Chairman of Shinsegae Group, and his repeated 'anti-communism' remarks is spreading as a corporate risk. Amid growing calls for a boycott of Shinsegae, the company's stock price fell by 6.8~7% compared to the previous day.

According to the Korea Exchange on the 10th, Shinsegae's stock price closed at 233,000 KRW, down 6.8%. Institutional investors sold a net 13.6 billion KRW, and foreigners sold a net 6.8 billion KRW. The daily net selling amount by institutions was the largest in about seven months since June 18 last year (28.2 billion KRW).

The stock price of Shinsegae International, a Shinsegae Group affiliate operating cosmetics business in China, also closed at 133,000 KRW, down 5.34%. Additionally, Shinsegae I&C's stock price fell 3.16% to 184,000 KRW.

On the same day, the stock discussion boards on portal sites were flooded with posts opposing Vice Chairman Jung's anti-communism remarks. Some netizens expressed dissatisfaction, saying, "Irresponsible words and actions have harmed investors," and "I cut losses because of the Vice Chairman."

On another online community, a poster saying "Boycott Jung Yong-jin, Do Not Go, Do Not Buy" was shared, signaling a boycott movement against Shinsegae Group affiliates.

Photo by Jeong Yongjin, Instagram capture

Meanwhile, Vice Chairman Jung stated on the 10th that regarding rumors of his entry into politics, "I have no career concerns, so don't talk about politics," adding, "I was born into a business family and will live and die as a businessman."

He said, "I am a citizen of the Republic of Korea who wants to live peacefully and freely. The preamble of the Korean Constitution pledges to 'secure the safety, freedom, and happiness of ourselves and our descendants forever,'" and targeted North Korea by saying, "But they launch missiles and threaten us with nuclear weapons, so where is the safety?"

He continued, "Because of them, when I borrow money abroad for business, I have to pay higher interest, and when they fire missiles, investments all pull out. Have you experienced this?" He criticized, "In some fields, only Korea and Japan have insurance surcharges, and the reason is the risk of war and earthquakes. Have you heard of this?"

He then rebutted, "They say if you haven't served in the military (if you have, can you freely disclose others' height and weight? Even if it's not true?), and if you haven't experienced the Korean War, don't open your mouth. Then does that mean 'If you don't have a chef's license, shut up and eat'?"

Furthermore, he confessed, "As someone who is directly threatened and suffers losses, I am saying what is natural, and I don't know what other qualifications are needed anymore."

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