People Power Party leader Jang Dong-hyuk called for a special prosecution investigation into the approval process of single-stock leveraged exchange-traded funds (ETFs) during a press conference at the National Assembly on the 5th. Jang questioned whether lobbying or improper collusion influenced the policy decision, stating that citizens' stock accounts have been emptied due to what he called a monster product. He emphasized the need to verify through special prosecution whether the decision was driven by lobbying rather than policy judgment, particularly after Kim Yong-beom, Blue House Policy Office Director, allegedly pushed forward the ETF approval despite concerns from financial regulators.
Jang Questions Kim Yong-beom's Role in ETF Approval
Jang stated that if Kim Yong-beom pushed forward the single-stock leveraged ETF despite concerns from the Financial Services Commission and Financial Supervisory Service, it should be investigated whether lobbying or improper solicitation occurred rather than policy judgment. He questioned whether the decision aimed to manipulate stock prices to benefit specific companies. Jang urged the Democratic Party to accept a special prosecution to examine these allegations.
Personnel Connections at Mirae Asset Highlighted
Jang pointed out that both Kim Yong-beom's son and Lee Chan-jin's (FSS Governor) son work at Mirae Asset. He questioned whether it is believable that the president was not informed at all when making this significant policy decision. Jang stated that the reality of this national damage must be revealed through special prosecution.
Jang Criticizes Police Raid on Starbucks Korea
Regarding the police raid on Starbucks Korea headquarters on the 5th related to the Tank Day controversy, Jang criticized the timing. He stated that after the Criminal Procedure Act amendment giving investigative powers to police passed the Cabinet meeting, and as issues unfavorable to the Lee Jae-myung administration overflowed, political police conducted the raid at a remarkable timing as if returning a favor. Jang questioned whether this was a matter requiring warrant application and search and seizure, noting that even prosecutors had doubts about this case. He stated that the Lee Jae-myung government has opened the door for reckless investigations to become routine, and citizens will experience a parade show of reckless police investigations daily.
Jang Responds to Party Member Resignation Petition
Regarding over 20,000 People Power Party members delivering a petition calling for his resignation to senior lawmakers, Jang questioned whether the opinions of just over 20,000 members can represent the will of over 1 million total party members. He asked whether the party leader should respond to such issues every time they arise. Jang stated that it is unclear how long the party will focus only on internal fighting, questioning who is fighting against the Lee Jae-myung government and Democratic Party while many are visible in internal party disputes. He questioned whether the resignation calls are truly based on voluntary member will or part of another strategy to shake the leadership as has always been the case.
FAQ
What did Jang Dong-hyuk call for regarding single-stock leveraged ETF approval?
Jang Dong-hyuk called for a special prosecution investigation into the approval process of single-stock leveraged ETFs during a press conference at the National Assembly on the 5th. He questioned whether lobbying or improper collusion influenced Kim Yong-beom's decision to push forward the ETF approval despite concerns from the Financial Services Commission and Financial Supervisory Service.
Why did Jang criticize the police raid on Starbucks Korea?
Jang criticized the police raid on Starbucks Korea headquarters on the 5th as politically motivated timing. He stated that after the Criminal Procedure Act amendment giving investigative powers to police passed the Cabinet meeting, political police conducted the raid as if returning a favor to the Lee Jae-myung administration, questioning whether the case warranted such action when even prosecutors had doubts about it.
