Special Prosecutor Min Joong-ki Bows His Head Amid Ongoing Controversy... Dismisses Calls for Resignation

[Financial News] Special prosecutor Min Joong-ki, who is investigating various allegations surrounding Kim Keon Hee, has ultimately bowed his head.
On the 20th, Min Joong-ki issued a statement addressing the recent controversies.
First, regarding allegations of using undisclosed information, Min Joong-ki stated, "I apologize for the controversy caused by my personal stock transactions," adding, "However, I want to make it clear that there was no illegal use of undisclosed information during the acquisition or sale of stocks."
Back in 2010, while serving as a presiding judge at the Seoul High Court, Min Joong-ki sold unlisted shares of the solar materials company NEOSEMITECH CORPORATION for a profit. The company was delisted within a year after causing losses of over 200 billion won to more than 7,000 small investors due to accounting fraud on August 23, 2010.
The suspicion arose from Min Joong-ki's relationship with NEOSEMITECH CORPORATION. After it became known that Myunghwan Oh, the former CEO of NEOSEMITECH CORPORATION, attended Daejeon High School and Seoul National University (SNU) with Min Joong-ki, some claimed that Min Joong-ki may have gained substantial profits by using undisclosed information. Myunghwan Oh was convicted in 2015 for selling his shares using undisclosed information just before the company was listed.
It was confirmed that during an investigation in August, the special prosecutor team questioned Kim Keon Hee about her 2009 investment in NEOSEMITECH CORPORATION. When Kim Keon Hee claimed she did not know how to trade stocks, the team countered by presenting investment records from NEOSEMITECH CORPORATION and other companies. During this process, the team presented a transcript of a call between Kim Keon Hee and a securities firm employee, in which she reportedly mentioned, "I was the first to receive today's short selling information." However, this detail was excluded from the indictment against her.
Additionally, Min Joong-ki expressed condolences once again for the Yangpyeong County official who died while under investigation regarding alleged preferential treatment in the Gongheung District.
Min Joong-ki dismissed calls for his resignation. As controversy continues, the People Power Party and other opposition parties have insisted that Min Joong-ki should step down. They argue it is inappropriate for the special prosecutor investigating Kim Keon Hee's alleged stock manipulation to be embroiled in similar suspicions.
Min Joong-ki stated, "I believe the ongoing special prosecutor investigation should not be affected by a personal matter from 15 years ago," adding, "I will continue to fulfill my responsibilities as special prosecutor."

theknight@fnnews.com Jung Kyung-soo Reporter