In Response to 'Short-Term Trading' Claims:
"I Have Not Sold a Single Share of Changhae Ethanol"
"Personally Farmed in Pyeongchang for 30 Years"...
Refutes Allegations of Farmland Act Violation
Jeong Eunkyung, nominee for Minister of Health and Welfare, has categorically denied allegations that her spouse gained unfair profits through stock trading during the COVID-19 pandemic. She also emphasized that she has personally farmed for 30 years in response to suspicions of violating the Farmland Act.
Jeong Eunkyung, nominee for Minister of Health and Welfare, is delivering an opening statement at the confirmation hearing held by the National Assembly's Health and Welfare Committee on the 18th. Photo by Kim Hyunmin
At the confirmation hearing held by the National Assembly's Health and Welfare Committee on the 18th, Jeong addressed suspicions about COVID-19 beneficiary stocks held under her family's name, stating, "I was not aware that the company in question had entered the hand sanitizer business."
On this day, Seo Myungok, a member of the People Power Party, said, "Changhae Ethanol, which is owned by the nominee's spouse, entered the hand sanitizer business during the COVID-19 pandemic, causing its stock price to soar. It does not align with public expectations for the nominee's family to have continuously held this stock while serving as the head of the Korea Disease Control and Prevention Agency and overseeing the pandemic response." Seo also pointed out, "Looking at the nominee's family's stock trading records, there are repeated purchases and sales at different times, suggesting short-term trading aimed at quick profits. If the family of the person responsible for pandemic control sought profits from stocks related to infectious diseases, it would betray public trust."
In response, Jeong explained, "I have known Changhae Ethanol as a distillery company since 2016 and have held the stock long-term. I have not sold a single share to date. I was unaware of the company's expansion into the hand sanitizer business in 2020, and if I had known, I would have taken appropriate action." She clarified that she has not realized any capital gains from these stocks and has already submitted all detailed records of stock purchases and sales.
The hearing also included debate over whether Jeong had invested in other COVID-19 beneficiary stocks, such as FTE&E (Lime), which is related to masks, and Seegene, known as a COVID-19 test kit company. Jeong stated, "Although there have been reports suggesting I invested in various medical device and mask stocks that benefited from COVID-19, I sold all shares of FTE&E, which is considered a mask stock, in early 2018, so it is unrelated to COVID-19. I do not own any stocks related to medical devices, and I have never held shares in Seegene."
Jeong added, "However, I regret not having examined potential conflicts of interest related to stock acquisitions more thoroughly. I will manage such matters strictly in the future."
At the hearing, Jeong also addressed suspicions that her spouse violated the Farmland Act. Since 1998, Jeong's spouse has owned two plots of land (2,785m² and 2,701m²) in Bongpyeong-myeon, Pyeongchang-gun, Gangwon Province. Questions were raised about whether the nominee's spouse personally farmed the land despite living in Seoul and working in places such as Incheon.
In response, Jeong explained, "My husband has been cultivating the land together with an acquaintance's family whom he met in Bongpyeong while serving as a public health doctor in the late 1980s. While there may have been shortcomings, such as focusing on eco-friendly or self-sufficient farming, our family has done our best to farm the land." Jeong further stated, "The farmland was acquired by submitting a farmland plan, and we have never received a disposition order from the local government for not farming. We have cultivated the land every year."
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