Jung Jinwook: "Choi Sangmok Should Resign Over U.S. Treasury Bond Purchase"

"A Traitor Who Sells Out the Country for Personal Gain... Unfit for Public Office"
A 'Betrayal' That Profits from the Decline of the Won
Suspicions of Insider Trading Using Foreign Exchange Policy Information

Jinwook Jung, Member of the National Assembly.

On the 31st, Democratic Party lawmaker Chung Jinwook (Gwangju Dongnam-gap) stated, "Choi Sangmok, the Deputy Prime Minister for Economic Affairs, who was found to have invested in U.S. Treasury bonds last year, is a traitor who has 'sold out the country for personal gain' and is unfit to serve as a public official in the Republic of Korea." He urged, "Disclose the timing of the U.S. Treasury bond purchase and resign immediately."

In a press release issued that day, Chung said, "Deputy Prime Minister Choi, who claimed he would defend the foreign exchange market after the December 3 martial law, was found to have purchased U.S. Treasury bonds last year, which benefit as the value of the Korean won declines." He criticized, "This amounts to betting on the collapse of the Korean economy and is an act of betrayal that cannot be tolerated."

He particularly pointed out, "Choi's actions could be seen as using information about the Korean government's foreign exchange policies to purchase U.S. bonds, which raises suspicions of insider trading," and added, "In the United States, such actions could constitute serious crimes such as insider trading, conflict of interest, violation of ethical regulations, and abuse of authority, punishable by up to 10 to 20 years in prison."

He continued, "The timing of Deputy Prime Minister Choi's bond purchase is unclear in the public disclosure of assets. If the investment was made at the end of last year, it would be a grave problem. If he purchased the bonds at a time when the government was making every effort to defend the exchange rate after the December 3 rebellion, it would be tantamount to betraying the national interest for personal gain."

He further lamented, "While the people are barely getting by day to day due to the economic crisis, the nation's chief economic officer used that suffering as a means for his own profit," adding, "The fact that someone who lacks even the minimum standards of public service ethics is serving as the country's top economic official is a misfortune for the Republic of Korea."

Chung stated, "His pledge to 'respond with strong market stabilization measures' after the surge in exchange rates following the rebellion is the epitome of a hypocritical and corrupt official," and asserted, "Choi Sangmok must take full responsibility for contributing to the rise in exchange rates by selling won and investing in dollars."

Meanwhile, in the 'Regular Public Officials’ Asset Change Report' published in the official gazette on the 27th, it was confirmed that Deputy Prime Minister Choi purchased U.S. Treasury bonds maturing in 2050 worth 197.12 million won last year. Among the 18 high-ranking officials of the Ministry of Economy and Finance whose assets were disclosed on the same day, Choi was the only one to hold U.S. Treasury bonds.

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