The Transition Team Considers Formalizing the Securities Crime Investigation Cooperation Unit, Reviving the 'Stock Manipulation Grim Reaper'...

The Joint Securities Crime Investigation Unit, which investigated securities and financial crimes, officially relaunched on the 1st after about a year and a half since its abolition, with a new name. The photo shows the building directory installed in the lobby of the Seoul Southern District Prosecutors' Office annex on that day. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Yoo Byung-don] The Presidential Transition Committee (PTC) is considering the revival of the Joint Securities Crime Investigation Unit (합수단), which was abolished by former Minister of Justice Choo Mi-ae. This would be done through the formal establishment of the Financial and Securities Crime Investigation Cooperation Unit at the Seoul Southern District Prosecutors' Office.

Won Il-hee, the PTC Senior Deputy Spokesperson, stated in a briefing on the afternoon of the 25th, "In yesterday's report from the Supreme Prosecutors' Office, there was mention of promoting the formal establishment of the Financial and Securities Crime Investigation Cooperation Unit at the Southern District Prosecutors' Office."

Currently, the Financial and Securities Crime Investigation Cooperation Unit at the Seoul Southern District Prosecutors' Office is in a 'non-established' status, lacking an official chief and direct investigative authority. If formal establishment is realized, it would be equivalent to reviving the Joint Securities Crime Investigation Unit abolished by former Minister Choo during President-elect Yoon Seok-yeol's tenure as Prosecutor General.

Senior Deputy Spokesperson Won added, "I think more specific details about the Cooperation Unit will emerge during the PTC's discussions."

During his presidential campaign, President-elect Yoon pledged to reform the entire process of investigation and punishment for securities crimes such as insider trading and stock price manipulation to strengthen the effectiveness of sanctions.

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