Four bodies presumed to be missing persons found in Jeju over three days
Four bodies believed to be missing persons have been discovered in Jeju over the past three days, starting from August 22.
According to Yonhap News on August 24, a male body, estimated to be in his 70s, was found by a fisherman at 3:04 a.m. on August 23 near Sinheung-ri in Jeju City. The fisherman reported the discovery to the local fire department.
The Jeju Coast Guard confirmed that this man had been reported missing to the Jeju Eastern Police Station on August 22 and is currently investigating the cause and circumstances of his death.
Later that day, at 10:46 a.m., a body presumed to be that of 37-year-old Jang Mi-ran, who went missing in May, was found near a long-term lodging facility. This marks 104 days since her disappearance.
Jang's initial missing report was falsely concluded by the police officer in charge, but a re-report was filed last month, prompting ongoing searches.
Additionally, at 9:35 a.m. on the same day, another missing person reported to the police was found dead near a valley in Aewol-eup, Jeju City.
On August 22, a man in his 60s was also found dead in Songdang-ri, Gujwa-eup, Jeju City. This man had been reported missing on July 2, but his case was similarly mishandled by the same police officer involved in Jang's case.
President Yoon nominates Choi Gil-soo as special inspector, ending 10-year gap
President Yoon Suk-yeol approved the nomination of attorney Choi Gil-soo as a candidate for special inspector on August 24.
If confirmed by the National Assembly, Choi will reinstate an independent oversight system to monitor the conduct of the president's relatives and senior aides for the first time in a decade.
Kang Yu-jeong, the chief spokesperson for the Blue House, stated during a briefing that Choi is a legal expert with a specialization in oversight and investigations into power-related corruption. She emphasized that he is deemed suitable to independently fulfill his duties while preventing misconduct among the president's relatives and key aides, thereby restoring public trust in the civil service.
Kang added, "All power must be subject to institutional oversight, and we expect that thorough monitoring of public officials will enhance trust in the public service."
President Yoon selected Choi from three candidates recommended by the Democratic Party, including Choi Yong-hoon (recommended by the Korean Bar Association) and Kang Ji-sik (recommended by the People Power Party). The National Assembly approved the recommendations on August 20.
Choi, a graduate of the 23rd class of the Judicial Research and Training Institute, has held various positions, including head of the special investigation unit at the Gwangju District Prosecutor's Office and chief of the criminal division at the Seoul Western District Prosecutor's Office. He currently serves as the managing partner at a law firm.
In response to concerns about selecting a candidate recommended by the ruling party, the Blue House emphasized Choi's neutrality and the legal independence of the special inspector.
Kang stated, "The special inspector is guaranteed complete independence in accordance with the law," and noted that Choi has a history of being recommended by the opposition party during the Moon Jae-in administration in 2019.
President Yoon accepts resignation of Justice Minister Jeong Seong-ho due to health issues
President Yoon Suk-yeol accepted the resignation of Justice Minister Jeong Seong-ho on August 24, who cited health deterioration as the reason for his departure.
Kang Yu-jeong announced in a media statement that the president accepted Jeong's resignation, as he expressed that he could no longer perform his duties due to health issues.
Kang added that the government plans to swiftly proceed with the appointment of a successor to ensure there are no disruptions in governance.
Jeong officially submitted his resignation on August 18, indicating his intention to step down. He had previously voiced concerns about the burden of his duties due to serious sleep disorders. His resignation letter reportedly mentioned that with the completion of legislation to abolish the prosecution's direct investigative powers, it would be preferable for a new leader to oversee the new criminal justice system.
The incoming Justice Minister will be responsible for leading the establishment of a new criminal justice system, including the launch of the Public Prosecution Service and the Serious Crimes Investigation Agency following the abolition of the prosecution office. Until a new minister is appointed, Vice Minister Lee Jin-soo is expected to act in the role.
KOSPI falls over 3% amid Samsung Group stock plunge; individual investors buy 3.2 trillion won
The KOSPI index fell more than 3% due to a sharp decline in Samsung Electronics, closing below the 6,700 mark. Disappointment over Samsung Electronics' recently announced shareholder return plan led to a sell-off by foreign and institutional investors, dragging down the index.
On August 24, the KOSPI closed at 6,696.96, down 216 points (-3.12%) from the previous trading day. Foreign and institutional investors sold a net 3.6881 trillion won and 1.2925 trillion won, respectively. Individual investors, however, purchased a net 3.3206 trillion won, but this was insufficient to prevent the index from falling.
Among large-cap stocks, Samsung Electronics saw a significant drop of 8.70%, while Samsung Electronics preferred shares fell by 8.55%. SK Hynix also declined by 3.41%. Other stocks, such as SK Square (-4.19%) and Samsung C&T (-7.84%), also experienced losses. In contrast, LG Energy Solution rose by 5.39%, and Samsung Biologics increased by 1.42%.
The sharp decline in Samsung Electronics is attributed to disappointment over its shareholder return plan announced on August 21, which projected a return of 90 trillion to 110 trillion won from 2024 to 2026 but did not include immediate large-scale share buybacks or retirements that the market had anticipated. Analysts suggest that the shareholding limits imposed by the Financial Holding Company Act on Samsung Life and Samsung Fire & Marine Insurance may restrict further share buybacks.
Conversely, the KOSDAQ index rose by 11.39 points (1.42%) to close at 813.33. Foreign and institutional investors bought a net 241.7 billion won and 24.9 billion won, respectively, while individuals sold a net 260.4 billion won.
In the KOSDAQ, secondary battery stocks showed strength, with EcoPro rising by 7.59% and EcoPro BM soaring by 10.80%. Pharma Research also increased by 3.87%. However, stocks like Rainbow Robotics (-2.09%), HLB (-2.07%), and Lino Industries (-1.67%) fell.
Lee Kyung-min, a researcher at Daishin Securities, noted, "The KOSPI is testing its support at the 6,680 level due to net selling by foreign and institutional investors. While the number of rising stocks exceeds that of falling stocks, the sharp decline in Samsung and its affiliates has exaggerated the index's drop."
Government begins discussions on real estate tax adjustments just three weeks after announcement
The government has initiated discussions on adjustments to certain aspects of the real estate tax just three weeks after announcing the 2026 tax reform plan. This comes amid concerns that the tax burden on non-resident homeowners may be excessively increased, indicating a potential policy revision. While the intention is to alleviate unreasonable burdens on actual users, there are concerns that frequent changes to the real estate tax based on market conditions or public opinion could undermine the predictability of the policy.
According to relevant departments and political circles on August 24, the government plans to maintain the overarching framework of strengthening taxation on high-value properties while addressing the simultaneous increase in the comprehensive real estate tax and capital gains tax burdens on non-resident homeowners.
During the 10th high-level party-government meeting held the previous day, this issue was a key agenda item. Kim Min-seok, the leader of the Democratic Party, expressed general agreement with the government's direction on expanding real estate supply and tax reform but emphasized the need for further review regarding the tax burden on non-resident homeowners.
Under the initial government proposal, non-resident homeowners would see simultaneous reductions in tax benefits for both the comprehensive real estate tax and capital gains tax. The basic deduction for the comprehensive real estate tax applicable to one-household, one-homeowners would be lowered from the current 1.2 billion won to 900 million won, while the capital gains tax would be restructured to gradually eliminate benefits based on the holding period, focusing instead on the actual period of residence.
This has raised concerns that homeowners who cannot directly reside in their properties due to work, children's education, or family care may face a sharp increase in their tax burden. Kim also pointed out that even if the current system is maintained, the tax burden on non-residents naturally increases due to rising publicly assessed property values.
Kim Jeong-sik, an emeritus professor of economics at Yonsei University, noted, "Even if the basic deduction for non-residents is lowered, if existing tax credits for long-term holders and seniors are maintained, the actual tax burden may not significantly increase. However, if the administrative costs or market backlash outweigh the policy effects, we need to reconsider whether it is necessary to impose disadvantages on non-residents separately."
Some express concerns that the government's decision to discuss revisions just three weeks after announcing the tax reform plan could diminish the predictability of the policy. Real estate tax directly impacts household asset management decisions, including when to buy or sell properties, as well as holding periods and rental status. Frequent changes could distort the decision-making of market participants.
In particular, homeowners may delay selling their properties, leading to a slowdown in the market. If the government is perceived to repeatedly defer or modify tax policies based on market conditions or public sentiment, it may weaken the signal of future tax policies, even if they are strengthened.
This presents a dilemma for the government. While it is necessary to address unexpected excessive tax burdens during the legislative process, retreating from the initial framework of the policy immediately after its announcement could undermine the credibility of the tax policy. Ultimately, the challenge will be to reduce unreasonable burdens on taxpayers while maintaining the originally proposed long-term tax principles to a certain extent.
Professor Kim stated, "Even if the basic deduction for non-residents is lowered, if existing tax credits for long-term holders and seniors are maintained, the actual tax burden may not significantly increase. We need to evaluate whether it is necessary to impose disadvantages on non-residents separately, considering the administrative costs and market reactions."
* This article has been translated by AI.
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