"Agreeing with National Assembly's Concerns, Prompt Sale ... Personnel Agency Review Continues"
Baek Kyung-ran, Commissioner of the Korea Disease Control and Prevention Agency, is attending the Health and Welfare Committee plenary meeting held at the National Assembly on the 1st, reviewing documents. Photo by Yoon Dong-joo doso7@
[Asia Economy Reporter Jo In-kyung] Baek Kyung-ran, Commissioner of the Korea Disease Control and Prevention Agency (KDCA), who faced controversy over conflicts of interest due to holding multiple stocks in the bio sector, has disposed of all related stocks following criticism from the National Assembly.
On the 1st, Commissioner Baek stated, "On the 30th of last month, during the National Assembly Health and Welfare Committee meeting, I agreed with the lawmakers' remarks that the stocks should be disposed of promptly to meet the public's expectations, and therefore, on the following day (the 31st), I swiftly sold the bio stocks I held."
Previously, on the 25th of last month, it was revealed through the disclosure of high-ranking public officials' assets that Commissioner Baek held bio stocks including SK Bioscience (30 shares), SK Biopharm (25 shares), Syntekabio (3332 shares), Boditech Med (166 shares), and Alteogen (42 shares), sparking controversy over conflicts of interest. In total, Baek held 161 stock items worth approximately 618 million KRW.
As a result, opposition parties raised concerns about the relevance of Baek's bio stock holdings to her official duties. Notably, Boditech Med, among the stocks held, is currently developing a monkeypox diagnostic kit, which drew criticism for a high degree of job-relatedness.
Regarding this, Commissioner Baek said, "The acquisition of stocks was not intended to leverage information for investment," adding, "I first learned about Boditech Med developing a monkeypox diagnostic kit through news articles. If the Ministry of Personnel Management deems it necessary to dispose of the stocks, I am willing to do so."
Concerning suspicions that the timing of the SK Bioscience stock purchase coincided with her participation as a government advisory member starting January 2020, early in the COVID-19 pandemic, Baek refuted, saying, "I purchased the stocks in March, not during the advisory period, so the timing does not coincide."
When ethical concerns were raised about some stocks suspected of job-relatedness, Baek responded that "the amounts I hold are very small," implying that they do not pose a problem.
Under current law, if stocks worth over 30 million KRW are judged to be related to one’s duties, they must be sold or placed in a blind trust within two months. Commissioner Baek, who took office on May 18, requested a job-relatedness review for all her stocks on June 27, and while the review is still ongoing, she sold some stocks on August 31. This has led some to speculate that "Commissioner Baek sold the stocks to avoid the review."
In response, the KDCA explained, "All disclosed stocks listed in the official gazette are subject to the ongoing job-relatedness review by the Ministry of Personnel Management regardless of the recent partial stock sale, and the results will be made public in the gazette. The stocks were sold promptly following the National Assembly’s criticism, with no intention to evade the review."
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