The opposition People Power Party has requested testimony from senior officials of financial authorities and private securities firms during the upcoming National Assembly audit to hold them accountable for the 'single-stock leveraged exchange-traded fund (ETF) incident.' The party aims to elevate the issue of leveraged ETFs to the forefront of the audit, intensifying its criticism of the government and ruling party while building public support for a national investigation and special prosecution.
According to a report by Aju Economy on September 16, members of the People Power Party on the Financial Committee have submitted requests for testimony from key figures, including Park Hyun-joo, chairman of Mirae Asset Group; Kim Sung-hwan, president of Korea Investment & Securities; and Bae Jae-kyu, CEO of Korea Investment Trust Management. The final decision on their testimony will be made through consultations between the party's representatives.
The People Power Party plans to question the executives about the introduction of leveraged ETFs and whether the securities firms have made unjust profits. According to the financial investment industry, in January, Kim Yong-beom, then head of the Presidential Policy Office, held a closed meeting with representatives from five securities and asset management firms regarding the introduction of leveraged ETFs, with both Kim and Bae reportedly in attendance.
If these individuals are ultimately selected as witnesses for the audit, it is likely that financial authorities' leaders, including Lee Ok-keun, chairman of the Financial Services Commission, and Lee Chan-jin, head of the Financial Supervisory Service, will also be called to testify. This could allow the People Power Party to escalate its offensive, gathering high-ranking public and private officials to hold them accountable for the hasty introduction of leveraged ETFs and to secure momentum for a national investigation and special prosecution. The party previously filed a complaint against former Policy Chief Kim Yong-beom, Chairman Lee, and Director Lee with the Corruption Investigation Office for High-ranking Officials on September 10.
The Democratic Party is also anticipating the opposition's requests for testimony related to leveraged ETFs. A member of the Democratic Party on the Financial Committee told Aju Economy, "We expect the People Power Party to request testimony from individuals related to leveraged ETFs and real estate policies during the audit, and as the ruling party, we will strive to prevent unnecessary pressure on the government's national tasks."
According to a report by Aju Economy on September 16, members of the People Power Party on the Financial Committee have submitted requests for testimony from key figures, including Park Hyun-joo, chairman of Mirae Asset Group; Kim Sung-hwan, president of Korea Investment & Securities; and Bae Jae-kyu, CEO of Korea Investment Trust Management. The final decision on their testimony will be made through consultations between the party's representatives.
The People Power Party plans to question the executives about the introduction of leveraged ETFs and whether the securities firms have made unjust profits. According to the financial investment industry, in January, Kim Yong-beom, then head of the Presidential Policy Office, held a closed meeting with representatives from five securities and asset management firms regarding the introduction of leveraged ETFs, with both Kim and Bae reportedly in attendance.
If these individuals are ultimately selected as witnesses for the audit, it is likely that financial authorities' leaders, including Lee Ok-keun, chairman of the Financial Services Commission, and Lee Chan-jin, head of the Financial Supervisory Service, will also be called to testify. This could allow the People Power Party to escalate its offensive, gathering high-ranking public and private officials to hold them accountable for the hasty introduction of leveraged ETFs and to secure momentum for a national investigation and special prosecution. The party previously filed a complaint against former Policy Chief Kim Yong-beom, Chairman Lee, and Director Lee with the Corruption Investigation Office for High-ranking Officials on September 10.
The Democratic Party is also anticipating the opposition's requests for testimony related to leveraged ETFs. A member of the Democratic Party on the Financial Committee told Aju Economy, "We expect the People Power Party to request testimony from individuals related to leveraged ETFs and real estate policies during the audit, and as the ruling party, we will strive to prevent unnecessary pressure on the government's national tasks."
* This article has been translated by AI.
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