[Featured Stock] Passage of Police-Prosecutor Investigation Authority Adjustment Bill 'Reexamination of Jo Guk'... Hwacheon Machinery Surges Double Digits

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] Hwacheon Machinery is showing a double-digit rise on the 14th. This appears to be due to the reemergence of former Minister Cho following the passage of the police and prosecution investigation authority adjustment bill at the National Assembly plenary session the previous day.

As of 11:30 a.m. on this day, Hwacheon Machinery recorded 3,300 won, up 21.72% (595 won) from the previous trading day. Hwacheon Machinery showed an increase of 1-6% on the 9th and 10th, then closed slightly down on the 13th.

The investigation authority adjustment bill passed at the National Assembly the previous day refers to the amendments to the Criminal Procedure Act and the Prosecutors' Office Act. The main point is to grant the police primary investigation and conclusion authority over criminal cases.

Former Minister Cho stated on his social network service (SNS) the day before, "The police and prosecution investigation authority adjustment bill, one of the core tasks of power institution reform under the Moon Jae-in administration, has passed the National Assembly," emphasizing, "The 'master-servant relationship' between the prosecution and police, maintained since the enactment of the Criminal Procedure Act in 1954, has been abolished and restructured into a 'cooperative relationship.'"

He added, "During the Roh Moo-hyun administration, I participated in the investigation authority adjustment work as a member of the 'Supreme Prosecutors' Office and Police Investigation Authority Adjustment Advisory Committee,' and under the Moon Jae-in administration, as Senior Secretary for Civil Affairs, I assisted the Minister of Justice and the Minister of the Interior and Safety to reach an agreement," expressing, "I feel deeply moved."

On the same day, President Moon Jae-in also mentioned at the New Year's press conference, "I believe former Minister Cho made a significant contribution to prosecutorial reform, including the establishment of the Corruption Investigation Office for High-ranking Officials (CIO) Act and the adjustment of police and prosecution investigation authority, as Senior Secretary for Civil Affairs and Minister of Justice."

Hwacheon Machinery is often mentioned as a Cho Kuk-themed stock because its auditor, Nam Kwang, is known to be an alumnus of the University of California, Berkeley (UC Berkeley) School of Law, the same as former Minister Cho.

Regarding this, Hwacheon Machinery announced in June last year that "It is true that the auditor and former Minister Cho, a Blue House senior secretary, are alumni of UC Berkeley School of Law," but clarified, "However, there is no personal relationship between them."