Lee Chanjin Buys KOSPI-Tracking ETF After Selling Apartment

Lee Chanjin, Chairman of the Financial Supervisory Service, who had been embroiled in controversy over owning multiple homes, visited a securities company customer center in Yeouido on the 29th and invested in a KOSPI-related Exchange Traded Fund (ETF). This occurred on the same day that a sales contract was signed for one of the two apartments he owns in Umyeon-dong.

Financial Supervisory Service Chairman Lee Chanjin visited the KB Securities Yeouido Sales Department Financial Center on the afternoon of the 29th and subscribed to an Exchange Traded Fund (ETF) product. KB Securities

According to the financial investment industry, Chairman Lee visited the KB Securities Yeouido Sales Department Financial Center at around 2:30 p.m. that day and subscribed to an ETF product. A KB Securities representative explained, "He subscribed to the product through the same procedures as general investors," and added, "The entire subscription process was conducted in accordance with our standard sales procedures." The product Lee subscribed to is reported to track the KOSPI and KOSDAQ indices.

This visit was not officially scheduled in advance. It is interpreted as a move to directly inspect investor protection systems as a consumer on-site, while also putting into practice the Lee Jaemyung administration's policy of channeling funds concentrated in real estate into the capital market.

Chairman Lee, who had jointly owned two apartments with his spouse, had previously put one up for sale after the controversy over owning multiple homes arose. On the morning of the 29th, the asking price for the apartment was reduced by 400 million won from the previous 2.2 billion won, and the contract was signed for 1.8 billion won immediately after the deposit was made to the real estate agency. As a result, a significant portion of the proceeds from the sale was invested in the domestic stock market.

A Financial Supervisory Service official stated, "As Chairman Lee has consistently emphasized consumer protection, he personally checked the product sales process and reviewed the on-site system, and it is understood that he subscribed with the hope that it would also help vitalize the capital market." Last month, Chairman Lee also expressed his intention to invest in an ETF tracking the KOSPI index during a meeting with securities company CEOs.