Lee: 'Hoarding Will Lead to Ruin'

President Lee Jae-myung has issued a stern warning against hoarding, particularly targeting essential medical supplies like syringes, which have seen supply chain disruptions due to the ongoing conflict in Iran. Speaking at a senior-secretariat meeting, the President declared that those engaging in hoarding "will be completely ruined," emphasizing the severe legal consequences that await offenders.

"Legally, hoarding results in the confiscation of the entire hoarded goods, or forfeiture of their value if confiscation is not possible," President Lee stated via X (formerly Twitter). He stressed that the mandatory nature of confiscation and forfeiture means authorities cannot show leniency even if they wish to. The President also highlighted the effectiveness of the whistleblower reward system, which offers 20-30% of the value of hoarded goods as a reward, questioning the likelihood of evading detection. "The era of abnormality is ending, and the era of normality has begun. Those who try to gain unfair profits by relying on abnormality will suffer greatly," he asserted, signaling a shift towards stricter enforcement and a return to fair market practices.

This strong stance comes as concerns mount over the availability of critical items like syringes, a situation exacerbated by the Iran war's impact on global oil and other commodity markets. The Ministry of Food and Drug Safety (MFDS) has already identified 34 companies for violating hoarding regulations, with 10 facing criminal charges for repeat offenses. To combat market manipulation, the government implemented a ban on hoarding petroleum products on March 13, initially set for two months but now extended to July due to the prolonged conflict. The President has previously called for stronger measures, arguing that current penalties are insufficient, citing a case where a 3 billion won profit was met with only a 100 million won fine. He urged relevant ministries to explore all available options, including revising enforcement decrees or even the law itself, to ensure effective deterrence against hoarding and market disruption.