Lee Junseok Criticizes Lee Jaemyung's 'HMM Relocation' as "Clumsy Eccentric Economics"

On May 14, Lee Junseok, the presidential candidate of the Reform New Party, criticized Lee Jaemyung, the presidential candidate of the Democratic Party of Korea, for announcing plans to relocate the Ministry of Oceans and Fisheries and HMM. He stated, "The public must not stand by as clumsy and eccentric economic theories shake the Republic of Korea."

Speaking with reporters at Beomeosa Temple in Busan on the same day, Lee said, "Lee Jaemyung has shown a lukewarm attitude toward relocating the Korea Development Bank, and when that became a point of criticism, he appears to have introduced the relocation of HMM as an alternative." He continued, "This is my view on the matter."

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Lee stated, "The government should refrain from making pledges that increase uncertainty about the fate of individual companies." He added, "Even if HMM is effectively state-owned, its location should be where the company can achieve its best performance. Proposing relocation solely for 'vote-buying in Busan' is dangerous."

He went on to say, "Rather than having HMM used as a tool for Lee Jaemyung's vote-buying, it would be better for the company to autonomously decide its headquarters location. We have seen many cases where public enterprises lost competitiveness due to arbitrary government interference and various restrictions."

Lee also previously criticized Lee Jaemyung on Facebook, saying, "Lee is playing games with the relocation of HMM, trying to snatch Busan votes and then run away," and added, "It's like starting to sell hot iced Americano."

He also mentioned the Democratic Party's push for an amendment to the Commercial Act that would expand directors' fiduciary duties to include shareholders. He questioned, "The core of the amendment is to regulate controlling shareholders or management from making decisions against the interests of ordinary shareholders. If HMM's headquarters is relocated to Busan, will the interests of HMM's ordinary shareholders increase or be infringed?"