[2025 Audit] Suspicions of Market Manipulation in Naver-Dunamu Merger... Lee Eogwon Says "Will Look Into It"

During the National Assembly's Political Affairs Committee audit, suspicions were raised regarding market manipulation using undisclosed information during the merger process between Naver and Dunamu, a virtual asset operator. There were calls for a regulatory investigation by the financial authorities.

Min Byungdeok, a lawmaker from the Democratic Party of Korea, stated during the Political Affairs Committee audit on the afternoon of October 20, "Stock prices surged even before the news reports about the merger appeared."

Lee Eokwon, Chairman of the Financial Services Commission, adjusts his glasses during the National Assembly's Public Administration and Security Committee's audit of the Financial Services Commission on October 20, 2025. Photo by Kim Hyunmin

First, Assemblyman Min said, "There are positive aspects to the merger between the two companies," but added, "There are also unresolved issues." He pointed out, "If Naver and Dunamu merge, it would create a massive company ranking 14th in total assets, but there is only one document regarding this merger. Just a single line." He referred to Naver's public disclosure, which stated, "No additional cooperation matters or methods have been confirmed."

In particular, Assemblyman Min said, "Although the related merger news broke at 3 p.m., Naver's stock trading volume and price started to surge at 10:40 a.m.," and questioned, "Isn't this market manipulation using undisclosed information?" He further asked, "Is it acceptable for such a major deal to proceed in such secrecy? Naver claims it's just a rumor and that nothing has been confirmed. Isn't this a problem?"

He continued, "How can domestic investors trust and invest under these circumstances?" and insisted, "The Financial Services Commission must thoroughly investigate how the news reports came about and what the companies plan to do going forward."

In response, Lee Eogwon, Chairman of the Financial Services Commission, said, "As you mentioned, it is not desirable for such a major issue to unfold in this manner," and added, "We will look into the possibility of launching an investigation."