People Power Party files criminal complaints over 54 trillion won ETF scandal

Members of the People Power Party have filed a complaint with the Corruption Investigation Office for High-ranking Officials (CIO) against three former officials, alleging involvement in a massive financial scandal related to leverage ETFs. The accused include former Blue House Policy Chief Kim Yong-beom, Financial Supervisory Service Governor Lee Chan-jin, and Financial Services Commission Chairman Lee Eok-won.

Lawmakers allege that the improper introduction of single-stock leverage ETFs resulted in approximately 54 trillion won in losses for the public while benefiting securities firms through increased commissions. The complainants have characterized the situation as “state-led fraud” and “power-based financial crime,” alleging that the officials engaged in fraud, abuse of power, and conflicts of interest.

Further allegations have surfaced regarding potential lobbying, including claims of a meeting between Kim Yong-beom and Mirae Asset Chairman Park Hyeon-joo. Opposition leaders are calling for a special prosecutor and a parliamentary investigation to uncover the truth and prevent the destruction of evidence, citing concerns over the sudden resignation of Kim Yong-beom.