The 'Anti-Communism Controversy' Escalates into Ruling and Opposition Party Conflict... Movement for 'Jeong Yong-jin Boycott' Emerges

Jung Yong-jin, Vice Chairman of Shinsegae, Clarifies 'Myeolgong' Controversy
"I am a businessman... I spoke as a citizen"
Opposition's 'Myeolkkong Relay' Sparks Some Ruling Party Members to Say "Won't Go to Starbucks"
Signs of 'Jung Yong-jin Boycott' Emerge on Online Communities
Shinsegae and Affiliates' Stock Prices Fall Together

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

[Asia Economy Reporter Lim Juhyung] The so-called 'Myeolgong' remarks made by Chung Yong-jin, Vice Chairman of Shinsegae Group, have sparked controversy in the political arena. When the opposition party defended Vice Chairman Chung by launching the 'Myeol-kong Challenge,' which involves purchasing anchovies and beans, some ruling party members retaliated by saying they would "not go to Starbucks." Starbucks Korea is a subsidiary of E-Mart, which is under Shinsegae. As the conflict deepened, the stock prices of Shinsegae and its affiliates also showed a simultaneous decline.

On the 10th, Vice Chairman Chung posted a lengthy message on his Instagram account to clarify the 'Myeolgong' controversy. He said, "I was born into a business family and will live and die as a businessman. I have no career worries, so please don't talk about politics," and asked, "Have you ever experienced having to pay higher interest when borrowing money abroad because of them (North Korea), or investments pulling out when missiles are fired?"

He continued, "If you haven't served in the military or experienced the Korean War, don't wag your mouth. Then does that mean 'shut up and eat' if you don't have a chef's license?" He emphasized, "For some, Myeolgong is politics, but for me, it is reality. Those who understand why Korea is being discounted (a phenomenon where domestic companies' stock prices are undervalued due to military conflicts and other risk factors) won't say anything to me."

He added, "Businesspeople should do business, and politicians should do politics. As a businessman and a citizen who faces the anxiety of not knowing when missiles might fly to the country I live in, I spoke my mind," and said, "If the ability to calculate that my everyday language could be used politically and the sense to quickly know where to tie my gat string are qualities of a businessman, then I will cultivate them."

Vice Chairman Jung wrote on his social media (SNS) account on the 10th that the 'Myeolgong' hashtag was "a statement of his feelings as a businessman and a citizen," cautioning against overinterpretation. / Photo by Yonhap News

Earlier, Vice Chairman Chung had been posting on Instagram with the hashtag 'Myeolgong' since the 5th. He shared a news article link containing content that the Korean government did not protest against the rude attitude of the Chinese Ministry of Foreign Affairs, using the hashtag, which he later deleted.

This drew criticism from the ruling party. Kim Tae-nyeon, a member of the Democratic Party of Korea, wrote on his Facebook on the 7th, "This could greatly affect many Korean companies and workers involved in China-related businesses," and criticized, "How does this help national interests?"

Kim Eui-gyeom, a member of the Open Democratic Party, claimed in an interview on TBS Radio's 'Kim Eo-jun's News Factory' on the 10th, "When Vice Chairman Chung underwent a physical examination for military enlistment, his weight was 104 kg, and the exemption standard at the time was 103 kg. He gained weight to get exempted."

Yoon Seok-yeol, the presidential candidate of the People Power Party, is shopping at a large supermarket in downtown Seoul on the 8th. / Photo by People Power Party

On the other hand, the opposition party indirectly supported Vice Chairman Chung through the so-called 'Myeol-kong Relay.' This involved posting photos on social media of shopping for anchovies and beans at E-Mart. After Yoon Seok-yeol, the People Power Party candidate, first posted a 'Myeol-kong' photo on the 8th, former lawmaker Na Kyung-won and lawmaker Kim Byung-wook joined in. However, Lee Jun-seok, the party leader, expressed a somewhat 'excessive' stance, saying, "I hope we don't create a situation where ideological agendas get attention," urging restraint.

In response, some Democratic Party supporters countered with a boycott movement against Shinsegae and its affiliates. On the 10th, posters with the phrase "Boycott Chung Yong-jin, do not go, do not buy" were revealed on internet communities and social media. These posters were modeled after the past 'No Japan' slogan that called for a boycott of Japanese products.

A so-called 'Jung Yong-jin Boycott' poster urging a boycott of Shinsegae Group and its affiliates / Photo by Internet Community Capture

The boycott movement's backlash also spread to Starbucks. Hyun Geun-taek, spokesperson for the Democratic Party's election committee, wrote on Twitter, "I will no longer drink Starbucks coffee." He also shared a tweet saying, "Let's not go to E-Mart, Shinsegae, or Starbucks." Previously, in July last year, E-Mart acquired an additional 50% stake in Starbucks Korea, the Korean subsidiary of Starbucks, increasing its holding to 67.5% and becoming the largest shareholder.

Amid signs of a boycott movement, Shinsegae's stock price closed at 233,000 won on the 10th on the KOSPI, down 6.80% from the previous trading day. The group's affiliates were also affected. Shinsegae International closed at 133,000 won, down 5.34%, and Shinsegae I&C recorded 184,000 won, down 3.16%. However, E-Mart closed at 149,000 won, up 0.34% from the previous day.

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