"94 Billion Won in Tesla Stocks", "Holding Over 80 Types of Virtual Assets"... High-Ranking Officials' Investment Portfolios Draw Attention

Assets of 362 Current and Former High-Ranking Officials Disclosed
Lee Janghyung, Legal Secretary, Holds Over 20,000 Tesla Shares
Kim Namguk Holds Around 80 Types of Virtual Assets Worth 1.2 Billion Won

As the assets of high-ranking officials in the Lee Jaemyung administration have been made public, the investment portfolios of some individuals have also drawn attention.

The asset registration details of 362 current and former high-ranking public officials have been disclosed, revealing that Lee Janghyung, Legal Secretary to the Blue House, holds most of his assets in Tesla stocks, drawing significant attention. Photo by Yonhap News

On January 30, the Government Public Officials Ethics Committee of the Ministry of Personnel Management disclosed the asset registration details of 362 current and former high-ranking public officials whose status changed between July 2 and November 1 of last year. This disclosure included a significant number of Blue House aides.

Lee Janghyung, Legal Secretary to the Blue House, has attracted attention for holding most of his assets in Tesla stocks. According to his report, his total assets amount to 8.99882 billion won, with 9,666 Tesla shares (worth 4.14368 billion won) under his own name comprising the majority. He also reported that his eldest son and daughter each hold 6,206 shares (2.66043 billion won) and 6,209 shares (2.66171 billion won) of Tesla stock, respectively. The combined value of Tesla shares held by his family amounts to approximately 9.46 billion won.

Lee reported that he purchased Tesla shares around 2020. The shares under his children's names were also acquired through intra-family fund transfers. Adjusted for stock splits, Tesla’s share price has risen from the 40-dollar range at the beginning of 2020 to over 400 dollars at present, marking roughly a tenfold increase. He also reported a vehicle worth 93.17 million won, which is known to be a Tesla Model 3 and Model Y, further indicating his preference for Tesla even in automobiles.

No Jaehun, the Ambassador to China, who was reported as the top asset holder among current officials, was found to hold large amounts of US Nasdaq-listed stocks such as Nvidia and Microsoft, as well as Hong Kong-listed ETFs (FXI). Photo by Reuters Yonhap News

The current official who reported the largest amount of assets was No Jaehun, Ambassador to China. Ambassador No reported buildings under his name, including complex buildings in Itaewon-dong and Yeonhui-dong, Seoul, and a detached house in Gugi-dong, totaling over 13.2 billion won. Adding deposits of 12.618 billion won and securities worth 21.322 billion won, he reported total assets of 53.044 billion won under his and his family's names.

Notably, Ambassador No was found to hold large amounts of US Nasdaq-listed stocks such as Nvidia and Microsoft, as well as Hong Kong-listed ETFs (FXI). The value of overseas stocks reported under his and his eldest son's names amounts to several tens of billions of won, earning him the nickname of having a "Western-style retail investor portfolio."

Lee Chanjin, Governor of the Financial Supervisory Service, who ranked second in reported assets, sold all his domestic listed stocks after taking office to avoid conflicts of interest, but continues to hold about 160 million won worth of overseas stocks based on the won exchange rate. His holdings include Tesla, Apple, Walt Disney, Lockheed Martin, Recursion Pharmaceuticals, and SoFi Technologies.

Meanwhile, Kim Namguk, former Digital Communications Secretary, drew attention for holding a total of about 80 types of virtual assets. The total value of his virtual assets is approximately 1.21755 billion won based on actual transaction prices. He was indicted for allegedly submitting a false asset report to the National Assembly to conceal his virtual asset holdings during his term as a lawmaker, but was acquitted in the second trial in August last year.