[REVISION HISTORY]

South Korea policy chief Kim Yong-beom resigns

Updated 6 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-02 06:30 UTC → 2026-09-04 03:14 UTC · added ~~removed~~

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.

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