On the 5th, Lee Bok-hyun, the head of the Financial Supervisory Service, gave a speech at a meeting with securities company CEOs held at the Korea Financial Investment Association in Yeouido, Seoul. [Photo = Yonhap News]
Regarding the alleged stock price manipulation involving Sambo Construction, Lee stated, “It’s hard to deny that some stakeholders have realized profits in the tens of billions of won.”
After the meeting with the securities company CEOs, Lee spoke with reporters about the investigation into the stock manipulation allegations involving the major shareholders and executives of Sambo Construction. He said, “We view this as an important case and are monitoring it closely.”
Lee added, “While it’s difficult to deny that certain stakeholders achieved profits exceeding 10 billion won, it’s also challenging to establish unfair trading based solely on one specific fact.”
He further mentioned that a comprehensive verification of funds and an analysis of connections between accounts are underway.
Lee also addressed the CEOs’ strong opinions on allowing corporate payment settlements, stablecoins backed by government bonds, and expanding the virtual asset ETF market, saying he understands their perspective. He plans to convey the US legislative trends on stablecoins to the Financial Services Commission or the Ministry of Economy and Finance.
Additionally, he commented on Upbit, the country’s leading virtual asset exchange, stating, “We are preparing to launch an inspection” to check if past IT system failures have been properly addressed and to identify any deficiencies related to extracting unfair trades.
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