Hong Ik-pyo: "Kim Gun-hee Faces 4.6 Billion Won Fine if Capital Market Act Amendment Applies"

"President Yoon, Desperate to Cover Up Wife's Allegations"
"Lost Legitimacy to Urge People to Follow the Law"

Hong Ik-pyo, floor leader of the Democratic Party of Korea, referred to the amendment to the Capital Markets Act, which imposes a fine of up to twice the amount of unfair gains in cases of stock price manipulation, that came into effect on the 19th, and claimed, "If this law is applied, Mrs. Kim Geon-hee would have to pay a fine of 4.6 billion won, equivalent to twice the unfair gains." This is interpreted as raising suspicions involving Mrs. Kim again ahead of the re-vote on the 'Double Special Prosecutor Act,' which President Yoon Seok-yeol vetoed.

On the morning of the 22nd, at the Supreme Council meeting held at the National Assembly, Floor Leader Hong said, "The investigation results revealing that Mrs. Kim Geon-hee gained unfair profits of 2.3 billion won through the Deutsche Motors stock price manipulation have been disclosed, but related suspicions have not been clarified."

Hong Ik-pyo, floor leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 22nd. [Image source=Yonhap News]

He pointed out, "If the president and government betray the trust of the people, who will abide by this law?" and added, "If there are people who gain unfair profits without following the law and cause individual investors to suffer losses without any punishment, it will be difficult for the law to be properly enforced."

He particularly mentioned President Yoon Seok-yeol's veto of the special prosecutor law to investigate the Deutsche Motors stock price manipulation allegations involving Mrs. Kim, criticizing, "The president is so eager to cover up his wife's criminal suspicions that he has lost the legitimacy to tell the people to obey the law."

Floor Leader Hong said, "There is no way the stock market in a country where presidential powers are used to hide the president’s wife and close aides can uphold laws and principles," and pointed out, "Who would invest in such a backward market?" He then condemned, "President Yoon’s veto of the 'Kim Geon-hee special prosecutor' is an irresponsible attitude that shows he does not care about the rule of law and the economy as long as he protects his own wife."