President Lee Presides Over Chief Presidential Secretary Meeting
"Impose the Highest Level of Fines for Illegal Short Selling"
Briefed on SK Telecom Hacking Incident
"Ensure No Penalty Losses for Affected Consumers"
President Lee Jae Myung is entering the 2nd Chief Presidential Secretary Meeting held at the Yongsan Presidential Office Building in Seoul on the 3rd. Photo by Yonhap News
President Lee Jae Myung has ordered strict punishment for market-disrupting forces to eradicate unfair practices in the capital market. He instructed authorities to impose the highest possible fines for illegal short selling and to use every available means to restore soundness to the stock market.
According to Kang Yoo Jung, spokesperson for the Presidential Office, on the 3rd, President Lee presided over the Chief Presidential Secretary Meeting and emphasized, "We must accelerate our response to unfair trading in the capital market, and strict punishment of market-disrupting forces must be publicly announced to society."
President Lee further stated, "When illegal short selling occurs, the highest level of fines must be imposed," and added, "Every possible means, including legislative amendments, should be mobilized to ensure the soundness of the stock market and to quickly drive the value-up of the Korean stock market."
In addition, President Lee was briefed on the establishment of a joint response team to eradicate stock price manipulation, the transition from an account-centered to an individual-centered surveillance system, measures to freeze suspicious accounts, and active imposition of fines.
Upon being briefed on the SK Telecom hacking incident, Lee orders, "Ensure no consumer suffers damage"
Current issues were also reported and discussed by each senior office. The National Security Office and the AI Future Planning Office reported to President Lee on the response status to the SK Telecom hacking incident. Regarding penalties, President Lee stressed, "During the contract termination process, there must be no cases where victims suffer losses due to the company's fault." This indicates that consumers who terminate their contracts due to the incident should not be required to pay penalties.
The Office of Economic Growth reported on the competitiveness assessment and future response plans for key industries. Spokesperson Kang stated, "We assessed the current status and reviewed competitiveness enhancement measures for key industries such as semiconductors, automobiles, shipbuilding, mining, petrochemicals, steel, and secondary batteries." She added, "President Lee strongly instructed that administrative processes should not be stalled or fail to achieve their intended goals due to interdepartmental barriers."
Additionally, the Office of Fiscal Planning reported that, despite efforts toward local autonomy, the top-down budget allocation led by the central government is insufficient in reflecting the characteristics and needs of local areas. In response, Kang explained that measures to address the rigidity of local fiscal management and to enhance the policy planning capabilities of local governments were reviewed.
Furthermore, discussions were held on innovation measures for a researcher-centered R&D ecosystem to ensure that research and development outcomes contribute to national growth, and a follow-up review was conducted on the Ministry of Oceans and Fisheries' prompt relocation to Busan.
Spokesperson Kang stated, "Finally, President Lee ordered the unification of the public grievance handling process to reduce administrative inefficiency, and instructed the realization of a one-stop public grievance processing center to actively resolve inconveniences experienced by citizens."
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