Publicly praises FSC Chairman Joo Byungki on social media for announcing overhaul plan
Reiterates warning: "Stock price manipulation will ruin your life"
On the 25th, President Lee Jaemyung publicly praised Financial Services Commission Chairman Lee Eogwon for announcing a plan to overhaul the "stock price manipulation and accounting fraud whistleblower reward" system, saying, "Chairman Lee Eogwon, well done."
On X (formerly Twitter), President Lee shared Chairman Lee's post and wrote, "Now, when you report stock price manipulation, you can receive tens of billions or even hundreds of billions of won as a reward," adding, "It is definitely easier than the lottery when it comes to turning your life around."
He went on to say, "Even in cases where the whistleblower was involved (in the wrongdoing), we will consider reducing punishment and paying rewards," and then warned, "Be careful about stock price manipulation... No, from now on, do not do it. Stock price manipulation will ruin your life!"
On this day, the Financial Services Commission unveiled a plan to revamp the whistleblower reward system into a "performance-based" scheme in order to increase internal reports of unfair trading and accounting fraud. The key point is the abolition of the reward "cap." The current payment ceilings of 3 billion won for unfair trading and 1 billion won for accounting fraud will be removed, and the structure will be changed so that rewards are calculated within up to 30% of the illicit gains detected and recovered, or the fines imposed. The Financial Services Commission stated that, in order to revise the relevant enforcement decree and subordinate regulations, it will begin the legislative notice and rule amendment notice procedures from the 26th until April 7.
Previously, during a Cabinet meeting held at the Blue House the day before, President Lee instructed Fair Trade Commission Chairman Joo Byungki to significantly expand whistleblower rewards for uncovering collusion, saying, "If someone reports collusion worth 400 billion won, give them several tens of billions of won," and, "We need to make people think, 'Instead of buying lottery tickets, let's dig into collusion.'"
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
