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6 clusters · 17 sources · 54 days · First seen · Last updated

South Korea policy chief Kim Yong-beom resigns

Overview

Following his resignation on 31 August, which President Lee Jae-myung accepted on 1 September, Kim Yong-beom’s departure has been linked to taking responsibility for market volatility caused by single-stock leveraged ETFs.

In the wake of his exit, People Power Party leader Jang Dong-hyeok has labeled the controversy ‘ETF Gate’ and called for a special prosecutor to investigate the policy process. The opposition has raised allegations of potential lobbying involving Mirae Asset Securities, citing purported connections between Kim’s family and the firm’s leadership. Specifically, allegations suggest ties between Kim and Mirae Asset leadership, including meetings held at the Four Seasons Hotel.

Kim defended his record, stating that the timing of the ETF launch coincided with a global market correction and that the government did not encourage retail investment in these products. His resignation is expected to delay critical financial legislation, such as the Digital Asset Basic Act.

On 2 September, members of the People Power Party escalated the matter by filing criminal complaints with the Corruption Investigation Office for High-ranking Officials (CIO). The complaint targets three former officials: Kim Yong-beom, Financial Supervisory Service Governor Lee Chan-jin, and Financial Services Commission Chairman Lee Eok-won.

Lawmakers allege the improper introduction of these ETFs resulted in approximately 54 trillion won in public losses while benefiting securities firms through increased commissions. The complainants have characterized the situation as ‘state-led fraud’ and ‘power-based financial crime,’ alleging fraud, abuse of power, and conflicts of interest. Opposition leaders continue to demand a special prosecutor and a parliamentary investigation to prevent the destruction of evidence.

Entities

Kim Yong-beom · People Power Party · Kim Yong‑beom · Democratic Party of Korea · Lee Eok-won

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. 4 days ago

    [POLITICS] 3 sources
    People Power Party files criminal complaints over 54 trillion won ETF scandal

    South Korean opposition lawmakers have filed criminal complaints against top financial officials, alleging a massive ETF-related fraud that caused 54 trillion won in public losses.

  2. 7 days ago

    [POLITICS] 12 sources
    Kim Yong-beom resigns as South Korean policy chief amid ETF controversy

    South Korean policy chief Kim Yong-beom has resigned amid controversy over leveraged ETF market volatility. The opposition is calling for a special prosecutor to investigate potential lobbying ties.

  3. about 1 month ago

    [POLITICS] 2 sources
    South Korea opposition demands dismissal of policy chief Kim Yong-beom

    South Korea's opposition party urges the dismissal of policy chief Kim Yong‑beom over a leveraged ETF push and controversial economic remarks, while the ruling party calls the move a political attack.

  4. about 1 month ago

    [POLITICS] 3 sources
    South Korean chief of staff Kim Yong-beom faces criminal complaint over leveraged ETFs

    South Korea’s policy chief Kim Yong-beom faces a criminal complaint for pushing risky single‑stock leveraged ETFs, sparking opposition calls for investigation and tighter market regulation.

  5. about 1 month ago

    [POLITICS] 4 sources
    South Korea poll shows 61% demand removal of Kim Yong‑beom amid stock market anxiety

    South Korean poll: 61% want Kim Yong‑beom removed; 58% blame government policy for stock‑market worries; Lee Jun‑seok calls for a full economic policy review.

  6. about 2 months ago

    [POLITICS] 2 sources
    South Korea's policy chief Kim Yong-beom faces opposition calls to resign over real estate and finance setbacks

    South Korea's policy chief Kim Yong-beom was urged by the opposition to resign over real‑estate price hikes and high exchange rates, while he recently stressed AI‑era production capacity and semiconductor plans

Sources

biz.heraldcorp.com · hani.co.kr · imaeil.com · koreaherald.com · kyeonggi.com · m.imaeil.com · m.koreaherald.com · m.koreatimes.co.kr · m.sportalkorea.com · mbn.co.kr · mbn.mk.co.kr · news.heraldcorp.com · newstomato.com · seoul.co.kr · sisajournal.com · stv.seoul.co.kr · toray.co.jp

This summary has been updated 6 times: see revision history