'Kim Nam-guk Coin' vs 'SG-Induced Stock Plunge'... Political Affairs Committee Clash Between Ruling and Opposition Parties

Lee Bok-hyun, Head of FSC, Faces Disputes Over Overseas Business Trip

At the plenary meeting of the National Assembly's Political Affairs Committee held on the 11th, the ruling and opposition parties clashed over the recent stock price crash caused by Societe Generale (SG) Securities and the controversy surrounding Democratic Party lawmaker Kim Nam-guk's virtual asset holdings.

The People Power Party raised suspicions about the process of Kim's virtual asset ownership and profits, urging related authorities such as the Anti-Corruption and Civil Rights Commission to investigate. On the day, lawmaker Yoon Chang-hyun mentioned the virtual assets presumed to be held by Kim, saying, "There are so many things hidden that even I find it hard to find out what is being concealed," and proposed a full investigation of lawmakers by the Anti-Corruption Commission. In response, Deputy Chairman Jeong Seung-yoon of the Commission said, "Under current law, conflicts of interest are recognized only if the relevant standing committee has deliberated or a state audit has been conducted. Also, a full investigation requires the consent of all individual lawmakers."

The Democratic Party held the financial authorities accountable for failing to prevent the stock price crash caused by SG Securities in advance. Lawmaker Park Yong-jin said, "I cannot help but point out that you have been repeating the same things all this time. Not only are the repeated measures insufficient, but you are also announcing measures to piggyback on the National Assembly," adding, "Looking back over the past 10 years, the Financial Services Commission's attitude has been to close the stable only after losing the cow."

Lawmaker Park Sung-jun stated, "There is a possibility that former special prosecutor Park Young-soo played a protective role in stock price manipulation. There are also rumors that many high-ranking prosecutors, court chiefs, and legal professionals invested in CEO Ra Deok-yeon's money," demanding a full investigation.

Visiting Minister Bang Moon-gyu of the Office for Government Policy Coordination and Financial Services Commission Chairman Kim Ju-hyun are conversing at the Political Affairs Committee held at the National Assembly on the 11th.
[Photo by Yonhap News]

The ruling and opposition parties also argued over Financial Supervisory Service (FSS) Governor Lee Bok-hyun's absence due to an overseas business trip.

Democratic Party lawmaker Park Jae-ho raised a point of order, saying, "The whole country is in turmoil because of the SG-related stock price manipulation issue, yet the FSS Governor is attending an overseas investor relations (IR) event with the chairmen of the four major holding companies and six major financial firms. Is this really appropriate?" The same party's committee chair Baek Hye-ryun also criticized, "It is very regrettable that the FSS Governor did not attend the plenary meeting citing participation in an overseas IR event amid the rapidly escalating SG stock manipulation scandal," adding, "I question whether it was really necessary to go in this manner."

However, People Power Party whip Yoon Han-hong defended, saying, "The FSS Governor is not an ex officio member of our standing committee," and "The business trip was scheduled well before our committee meeting, and since it was a trip with heads of private financial institutions, it could not be changed, so he did not attend." The same party's Song Seok-jun also said, "The FSS Governor's overseas trip is not a pleasure trip," and added, "I hope you refrain from nitpicking and criticizing like this when you cannot even applaud."

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