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🇰🇷 South Korea /Elections & Politics

People Power Party leader alleges lobby influenced single-stock leveraged ETF policy

From Hankyoreh · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Under investigation
  • People Power Party leader Jang Dong-hyeok alleged that former presidential policy chief Kim Yong-beom introduced single-stock leveraged exchange-traded funds after lobbying by Mirae Asset.
  • Jang called for a parliamentary inquiry and special counsel investigation into possible involvement by the presidential office, financial authorities and President Lee Jae Myung.
  • He also demanded a special counsel investigation into a Jeju police officer’s handling of a missing-woman case, including possible criminal involvement and interference by the chain of command.

People Power Party leader Jang Dong-hyeok has called for a parliamentary inquiry and special counsel investigation over allegations that lobbying by Mirae Asset influenced the introduction of single-stock leveraged exchange-traded funds.

he was caught in the tail of Mirae Asset’s lobbying

— Jang Dong-hyeokJang alleged that lobbying explained Kim Yong-beom’s resignation.

At a news conference in the National Assembly, Jang alleged that former presidential policy chief Kim Yong-beom resigned because “he was caught in the tail of Mirae Asset’s lobbying.” Jang also said Kim’s son and the son of Financial Supervisory Service Governor Lee Chan-jin work at Mirae Asset Securities.

Jang further cited an allegation that Mirae Asset Chair Park Hyeon-joo met Kim at the Four Seasons Hotel and held a drinking party. He noted that Park also serves as co-chair of a 150 trillion won future-growth fund created by the administration.

If Kim pushed single-stock leveraged ETFs so aggressively as a result of Mirae Asset’s lobbying, this cannot end with Kim’s resignation.

— Jang Dong-hyeokJang argued that the allegations required broader investigations.

“If Kim pushed single-stock leveraged ETFs so aggressively as a result of Mirae Asset’s lobbying, this cannot end with Kim’s resignation,” Jang said, calling the matter an “ETF gate” involving the Lee Jae Myung administration. He demanded an investigation into the presidential office, the Office for Government Policy Coordination, the Financial Services Commission and the Financial Supervisory Service, as well as into whether President Lee directed or supported the policy.

ETF gate

— Jang Dong-hyeokJang used the term to characterize the alleged lobbying scandal involving the administration.

Jang also raised reports that Kim might leave the country and said Kim should appear as an ordinary witness at parliamentary audits. Separately, he called for special counsel over what he described as the “self-closure” of a missing-woman case by an officer at Jeju Western Police Station. He said investigators should examine all possibilities from the beginning, including the officer’s possible direct criminal involvement or links to the case and the role of the command structure.

self-closure

— Jang Dong-hyeokJang described the handling of the missing-woman case by a Jeju police officer.
About this summary

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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