[Featured Stock] Yoon's Special Attorney as Outside Director? Baeksan Hits 52-Week High

[Asia Economy Reporter Ji Yeon-jin] Baeksan, a synthetic leather manufacturer, soared sharply in the KOSPI market on the 24th, breaking its 52-week high.

As of 2:20 PM on the day, Baeksan was trading at 9,200 KRW, up 11.12% from the previous day. During the session, it jumped to 9,500 KRW, marking a 52-week high. The company, which had shown a steady upward trend since the beginning of the year, has increased its gains this month. From the 4th to the previous day, the rise was about 13%.

In the market, there is an analysis that the 'political theme stock' effect is at play as an agenda to appoint lawyer Nam Gi-chun, who previously served as a special defense attorney for former Prosecutor General Yoon Seok-yeol, as an outside director will be presented at the company’s shareholders' meeting on the 26th.

As former Prosecutor General Yoon has emerged as a strong presidential candidate, stocks related to the clan 'Papyong Yunssi' have recently surged. Baeksan, which has connections with lawyer Nam, who has a close relationship with Yoon, is also receiving belated attention.

The Supreme Prosecutors' Office requested the Ministry of Justice to impose severe disciplinary action on Yoon, then the head of the Yeoju branch office, for failure to follow orders during the 2013 investigation into the National Intelligence Service’s interference in the presidential election, and lawyer Nam served as his special defense attorney. The special defense attorney participates in the Ministry of Justice’s disciplinary hearing process, providing supplementary statements and submitting evidence.

The two are known to be close friends since their university days as classmates from Seoul National University Law School, class of ’79. During his tenure as head of the Seoul Western District Prosecutors' Office in 2010, lawyer Nam resigned in January of the following year amid controversy over ‘excessive investigation’ during the Hanwha and Taekwang Group slush fund investigations.

Meanwhile, the stock with the highest price increase on the exchange over the past month was NE Neungyul (203.05%). NE Neungyul’s largest shareholder is said to be a member of the Papyong Yunssi clan, and its stock price surged whenever former Prosecutor General Yoon clashed with the ruling party over prosecutorial reform. Earlier this month, the company issued a disclosure stating, “There is no relation between our past and current business and former Prosecutor General Yoon.” Woongjin also surged 107.14% during the same period, as Chairman Yoon Seok-geum is known to be from the Papyong Yunssi clan.