Lee Jae-myung Links Commercial Act Amendment to Livelihood... "Will We Turn Blue Chips into Junk Stocks?"

"Amendment to Commercial Act, Government Suddenly Opposes"

Lee Jae-myung, leader of the Democratic Party of Korea, emphasized the need to amend the Commercial Act while continuing his focus on public welfare.

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the launch ceremony of the Livelihood Joint Meeting held at the National Assembly on the 26th. Photo by Kim Hyun-min

On the 26th, at the launch ceremony of the Public Welfare Joint Meeting held at the National Assembly in Yeouido, Seoul, Lee said, "Refusing to amend the Commercial Act is like saying it’s okay to turn blue-chip stocks into junk stocks," adding, "It means there is no problem even if the core assets of companies are stripped away through physical division and mergers." He also stressed, "The Commercial Act needs to be amended, but the government has reversed its stance and is opposing it," and said, "Are they telling us to keep stripping away the core assets? This is why the economy is deteriorating."

He also pointed out that the government is responsible for the sluggish domestic stock market. Lee stated, "The domestic stock market is performing poorly, while stock markets in other countries are recovering and entering an upward phase," and added, "Why is only the domestic stock market in a downward phase? It reflects the economic situation as it is." He continued, "Overall, companies are facing financial difficulties entirely due to the government's ignorance," and said, "The government has completely failed to fulfill its role and has instead put companies in trouble."

Lee said, "The absence of economic and industrial policies is crushing the hopes of companies and the stock market," and asked, "Who would invest in a stock market rife with all kinds of stock price manipulation and unfair trading such as collusive trading?" He also emphasized, "In Korea, it is being advertised to the whole world that if you have power, you can get away with unfair trading and stock price manipulation without punishment." This remark is interpreted as targeting Kim Geon-hee, who is implicated in the Deutsche Motors stock price manipulation allegations.

Earlier, Lee proposed a public debate between the business community and general investors regarding the Commercial Act. On the 22nd, he said, "Instead of arguing unilaterally, it is necessary to have a public debate in front of the people to discuss whose claims are correct," and added, "I will participate directly in the debate and, through the policy committee chairman, gather both sides’ positions to clearly organize the Democratic Party’s stance."