Lee Jae-myung Sells Stocks Including Hyundai Heavy Industries Amid Defense Sector Holdings Controversy... 16.75 Million Won Loss

Stock Sale Disclosed Through National Assembly Public Relations

Lee Jae-myung, leader of the Democratic Party of Korea, attended the "Emergency On-site Inspection for Financial Crisis Measures" held at the Korea Exchange in Yeouido, Seoul on the 27th, and received a briefing on recent financial issues from Kim Hak-gyun, head of the Shin Young Securities Center. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] It has been confirmed that Lee Jae-myung, leader of the Democratic Party of Korea, incurred a loss of approximately 16.75 million KRW after disposing of stocks he held following controversy over his ownership of defense industry stocks.

According to the National Assembly public disclosure on the 28th, Lee sold all 1,670 shares of Korea Shipbuilding & Offshore Engineering and 690 shares of Hyundai Heavy Industries that he held. The sale proceeds amounted to 214,495,000 KRW, which is 16,755,000 KRW less than the acquisition cost of 231,250,000 KRW listed in the National Assembly member asset disclosure.

Lee’s stock holdings became an issue through media reports. Since his standing committee is the National Defense Committee, controversy arose over whether it was appropriate for him to hold stocks in defense industry companies such as Hyundai Heavy Industries.

Initially, Lee explained, "I held these stocks before deciding to run in the by-election, so it is unrelated to my activities in the National Defense Committee," and added, "To dispel unnecessary misunderstandings, I requested a review of the blind trust at the National Assembly on August 30." However, as the controversy continued, he announced on the 13th that he had sold all the stocks.

Regarding his stock holdings, Lee was reported to the National Assembly Ethics Committee by the People Power Party for violating the duty to prevent conflicts of interest. Within his party, the appropriateness of the stock sale was also debated, especially since Lee invested in stocks at a time when the party and its supporters were in despair after the presidential election defeat.

Among supporters, there was also heated debate over whether Hyundai Heavy Industries, a representative shipbuilding stock, should be considered a defense industry stock.