President Lee: "Hoarding Is the Road to Ruin... Seeking Unfair Profits Will Backfire"
"All Hoarded Goods Will Be Confiscated or Their Value Collected...
Once Caught, There Is No Leniency"
"With 20-30% of Hoarded Goods' Value Paid as a Reward,
Do You Really Think You Won't Get Caught?"
On May 8, President Lee Jaemyung issued a stern warning regarding hoarding and price manipulation, stating, "If you try to make some quick money through hoarding, you will end up completely ruined." This remark reiterates his commitment to respond strongly to market-disrupting activities amid ongoing concerns over price instability driven by the prolonged Middle East conflict.
On this day, President Lee posted a message titled "Hoarding is the Road to Ruin" on X (formerly Twitter), making these comments. He explained, "Under the law, if you engage in hoarding, all the goods subject to hoarding will be confiscated, and if confiscation is not possible, their value will be collected," adding, "Confiscation or collection is mandatory, so if you are caught, there is no leniency, even if one wishes to be lenient."
He continued, rhetorically asking, "You think you can get away with it if you don't get caught?" He then added, "With the informant reward system, 20% to 30% of the value of hoarded goods is paid out as a reward—do you really think you won't get caught?"
President Lee emphasized, "Now, the era of abnormality is ending, and a normal era has begun," warning, "Those who try to gain undue profit by relying on abnormal practices will pay a heavy price." He further added, "I'm giving advance notice to those who, unaware that the world has changed, are still heading down a path to ruin with outdated thinking."
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However, President Lee did not specify any particular items or industries. Previously, in Cabinet meetings and emergency economic review meetings, he had stressed the need for a strict response to illegal activities such as collusion, hoarding, and panic buying that exploit price instability. In line with this, the presidential office and the government have announced plans to monitor supply-demand trends and price movements, with relevant ministries taking the lead, and to enforce crackdowns and sanctions against profiteering activities that take advantage of crisis situations.
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