Bang Moon-kyu "Will promptly dispose of spouse's secondary battery fund"

Candidate for Minister of Trade, Industry and Energy Bang Moon-kyu announced on the 13th that he will promptly dispose of his equity stake in a secondary battery venture investment association (venture fund) worth 200 million won, which has become a subject of controversy.

On the same day, during the confirmation hearing, when Lee Cheol-gyu, a member of the People Power Party, asked, "The Minister of Industry can influence various industrial policies. If this is not inherited property, shouldn't you be cautious about your investments? Will you dispose of it?" Bang replied, "I will dispose of it promptly."

Bang stated, "During the period I was out of public office, my spouse held some stocks, and as I returned, I was in the process of organizing them, which is why some appeared. They have all been sold." He added, "Regarding the investment in the venture investment association, it was actually my spouse who said they would do it, so I checked whether it was possible, and I confirmed everything with the audit office."

According to the confirmation hearing request submitted to the National Assembly earlier, Bang's spouse holds an equity stake worth 200 million won in the secondary battery venture fund. The total investment amount of the fund is 4.85 billion won, of which Bang's spouse's share is about 4%. The investment was made in December 2021 while Bang was serving as the president of the Export-Import Bank of Korea.

Regarding Korea Electric Power Corporation's (KEPCO) large accumulated deficit, Bang said, "The major cause is the fluctuation in oil prices, and the nuclear phase-out policy is an equally important cause." In response to a question from Kim Jeong-ho of the Democratic Party asking if KEPCO's deficit is related to the nuclear phase-out, he said, "I think one of the biggest reasons electricity rates have to be set low is the nuclear phase-out," emphasizing, "If electricity rates were set reflecting the cost, there would be no losses, and the structure would not result in a deficit."

He continued, "To resolve KEPCO's large accumulated deficit, adjusting electricity rates is the fundamental solution," adding, "I believe that unless a painful restructuring precedes, we should not even talk about (rate adjustments)."

Regarding the Korea Energy Engineering University, he expressed the need for continuous support. Bang said, "As an institution for talent development in the energy sector, I think it is necessary to activate the function of nurturing personnel in many fields," and added, "I will ensure that support is not neglected."

Bang Moon-gyu, nominee for Minister of Trade, Industry and Energy, is delivering opening remarks at the confirmation hearing held on the 13th by the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee. Photo by Kim Hyun-min kimhyun81@

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