FSS Delivers First Opinion on 'Battery Ajusshi' Dual Position Violation Controversy

First Explanation Requested from NextEra Investment Discretionary
FSS: "Sending Inspection Opinion Letter Is a Procedural Step to Hear Explanations"

On the 6th, according to financial authorities, the Financial Supervisory Service (FSS) sent a first opinion letter regarding the dual employment controversy involving artist Park Sun-hyuk at Nextera Investment Discretionary Management. When a controversy arises in the market, the FSS examines whether there has been a legal violation and then sends an inspection opinion letter to the relevant parties. If the parties submit explanations in response to the opinion letter, the decision on sanctions is finalized.

The opinion letter is reported to contain allegations of violations of the Act on Corporate Governance of Financial Companies (Corporate Governance Act) and the Act on Capital Markets and Financial Investment Business (Capital Markets Act). Article 10 of the Corporate Governance Act prohibits concurrent positions for full-time executives of financial companies, and Article 63, Paragraph 1, Subparagraph 2 of the Capital Markets Act stipulates that executives in financial investment business must trade through only one account.

Artist Park became famous by sharing battery industry outlooks with individual investors on YouTube while serving as an executive at the listed company Geumyang. During this process, it was revealed that he worked as the full-time head of investment operations at Nextera Investment Discretionary Management, sparking controversy over violations of the Capital Markets Act. After the Korea Exchange launched an investigation into Geumyang as a 'non-compliant disclosure corporation' in May, Park submitted his resignation to Geumyang and has since been working as a full-time artist.

An FSS official stated, "Sending the inspection opinion letter is a procedural step to hear explanations. If the explanations are reasonable, the inspection ends; if there are issues with the explanations, sanction procedures proceed."

Park Sun-hyuk denied the dual employment violation allegations, saying, "I have never worked at Geumyang." Earlier, when the dual employment controversy arose, Park stated that he had undergone legal consultation and confirmed with the FSS that there was no problem with holding concurrent positions.