[Featured Stock] Ssangbangwool Group Shares Surge... Lee Jae-myung "A Connection from Buying and Wearing Undershirts"

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 31st and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hwang Junho] On the 1st, Lee Jae-myung, leader of the Democratic Party of Korea, denied the claim made by Kwon Seong-dong, acting chairman of the People Power Party's Emergency Response Committee, that there is a black connection with the Ssangbangwool Group, and on the same day, the stock price of Ssangbangwool Group shares surged in the stock market.

As of 2:06 PM that day, Ssangbangwool was trading at 567 won, up 15.01% from the previous day. The stock price of Kwanglim, within the Ssangbangwool Group, recorded 1,735 won, up 29.96% from the previous session.

The rise appears to be due to expectations following Lee's full denial of Acting Chairman Kwon's allegations.

At the party floor countermeasure meeting held at the National Assembly that morning, Acting Chairman Kwon said, "The black connection between Lee and the Ssangbangwool Group is gradually being revealed," mentioning suspicions that Lee’s legal fees were paid by Ssangbangwool, that Lee Tae-hyung, the person involved in the allegation, is a non-executive director of a Ssangbangwool affiliate as reported by some media, and that Ssangbangwool sponsored several hundred million won for inter-Korean exchange projects in Gyeonggi Province during Lee’s tenure as governor.

When reporters asked Lee about these allegations that day, he said, "My connection with Ssangbangwool is only that I bought and wore one undershirt. I wear Ssangbangwool undershirts well," adding, "Wouldn't it be reasonable to judge this with common sense?" This was interpreted to mean that there was no illegal relationship with Ssangbangwool.