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South Korean Opposition Leader Says ETF Scandal Cannot End With Kim Yong-beom's Resignation Image: ์—ฐํ•ฉ๋‰ด์Šค
๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Elections & Politics

South Korean Opposition Leader Says ETF Scandal Cannot End With Kim Yong-beom's Resignation

From Chosun Ilbo · () 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-hyuk said losses suffered by the public through single-stock leveraged ETFs reached 54 trillion won.
  • He accused Kim Yong-beom and related figures of benefiting securities companies at the expense of citizens.
  • Jang called for an investigation into alleged lobbying involving Mirae Asset Securities.

People Power Party leader Jang Dong-hyuk said allegations surrounding the so-called Lee administration ETF scandal should not end with the resignation of Kim Yong-beom.

The Lee administration ETF gate is not something that can end with Kim Yong-beom's resignation. The allegations of lobbying by Mirae Asset must be investigated.

โ€” Jang Dong-hyukThe People Power Party leader called for a broader investigation at a National Assembly news conference.

At a news conference in the National Assembly, Jang claimed that public losses from single-stock leveraged exchange-traded funds had reached 54 trillion won. He accused Kim and related figures of using citizens' assets to benefit securities companies.

Public losses from single-stock leveraged ETFs have reached 54 trillion won.

โ€” Jang Dong-hyukJang cited the figure while criticizing the ETF-related allegations.

Jang also called for an investigation into suspected lobbying involving Mirae Asset Securities. He cited reported connections involving Kim Yong-beom's son, the son of Financial Supervisory Service Governor Lee Chan-jin, Mirae Asset Securities Chairman Park Hyeon-joo and former senior official Kim Yong-beom. The provided account ends while describing an alleged meeting at the Four Seasons Hotel.

Kim Yong-beom and those involved plundered the people's assets and fattened securities firms.

โ€” Jang Dong-hyukJang accused Kim and related figures of benefiting securities companies.
About this summary

Originally published by Chosun Ilbo 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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