People Power Party Estimates Individual Investor Losses at 54 Trillion Won... Pursues Parliamentary Probe into Leverage ETF

On September 3, the People Power Party announced that it would pursue a parliamentary investigation to clarify the policy-making process and responsibility surrounding the introduction of single-asset leverage exchange-traded funds (ETFs).

During the full meeting of the Judiciary Committee held at the National Assembly on the 3rd, Yudongsu, a lawmaker from the Democratic Party and chairman of the Judiciary Committee, is consulting with Seoiljun Seo, the opposition party's secretary from the People Power Party (left), and committee member Jaeseop Kim for bill processing. Photo by Yonhap News

Members of the People Power Party serving on the National Assembly's Political Affairs Committee held a press conference at the National Assembly on the same day, stating, "It is now being estimated that the losses suffered by individual investors have reached approximately 54 trillion won," and made their position clear.

They said, "This crisis should not be concluded simply with the resignation of former policy chief Kim Yongbeom as a scapegoat. We need to identify what roles the presidential office, the Office for Government Policy Coordination, the Financial Services Commission, and the Financial Supervisory Service played, the extent of the information reported to the president, and the instructions that may have been given."

They further stressed, "Through the parliamentary investigation, we will clearly reveal the policy decision-making process and where responsibility lies, and if any serious legal or illegal acts are identified, we will also push for a special prosecutor investigation."

Seo Iljun, the opposition whip of the Political Affairs Committee, intends to submit a request for a parliamentary investigation on September 4.

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