Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
JCS chief nominee under siege for stock trading amid multiple NK missile launches
Adm. Kim Myung-soo, nominee for the chairman of the Joint Chiefs of Staff (JCS), speaks during a confirmation hearing at the National Assembly, Wednesday. Yonhap
By Lee Hyo-jin
Opposition party lashes out at failure of gov't vetting system
Adm. Kim Myung-soo, nominee of the Joint Chiefs of Staff (JCS) chairman, was grilled at his confirmation hearing in the National Assembly, Wednesday, over stock transactions he made while on duty including days when North Korea launched ballistic missiles.
According to Rep. Jung Sung-ho of the main opposition Democratic Party of Korea (DPK), Kim conducted 46 stock transactions from January 2022 until September this year, all during working hours. None were made during lunch breaks, the lawmaker pointed out, citing data submitted by the Korea Exchange (KRX).
Some of the transactions were made on Jan. 5 and 17, 2022, days when North Korea fired ballistic missiles toward the East Sea. Back then, Kim was a senior officer at the Ministry of National Defense.
Data revealed that Kim also conducted stock transactions on Sept. 8 this year, when North Korea unveiled its first tactical nuclear attack submarine. He was serving as the naval operations commander at the time.
During the confirmation hearing, Rep. Yoon Hu-duk of the DPK pointed out that a government official's stock trading during work hours is subject to disciplinary measures.
In response, Kim apologized for his inappropriate actions as a high-ranking government official, but explained that the stock trades were made mostly when he was not working as an operational officer.
Kim also came under scrutiny for playing golf at a club inside a military base in northeastern Seoul's Taereung on March 5, 2022, when North Korea launched a Hwasong-17 intercontinental ballistic missile (ICBM) toward the East Sea.
DPK lawmakers strongly denounced Kim for his golf outing when the nation was facing a severe security threat from the North.
Criticism also came from the ruling People Power Party's (PPP) members.
"As a former military officer myself, I think the golf outing was inappropriate," said Rep. Han Ki-ho of the PPP, urging Kim to be more cautious in his actions if he assumes the JCS post.
The nominee was also questioned about his daughter's school bullying allegations.
According to data submitted by the Busan Metropolitan City Office of Education to Rep. Ki Dong-min of the DPK, Kim's daughter was one of six middle school students accused of assaulting a fellow student at a school restroom in 2012.
Regarding this, Kim explained that he was not aware of the incident during the vetting process, saying that he thought the incident was handled properly after the victim accepted his daughter's sincere apology and the two reconciled.
Kim's nomination drew criticisms from opposition party lawmakers who viewed this as yet another failure of the Yoon Suk Yeol administration's vetting system for appointing high-ranking government officials.
This is not the first time that a nominee for a key government post has been mired in controversy surrounding their child's school bullying.
In October, presidential protocol secretary Kim Seung-hui resigned after his daughter — a third-grader at elementary school — was accused of physically assaulting a second-grade student at school, resulting in injuries requiring nine weeks to heal.
In June, then-special presidential adviser Lee Dong-kwan, who was tapped as the new head of the Korea Communications Commissions, faced allegations that his son bullied fellow students in high school in 2011. He was appointed to the post despite objections from opposition lawmakers.
Earlier in February, Chung Sun-shin, head of the National Office of Investigation, resigned just a day before assuming his post, due to a school bullying controversy involving his son.