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ED Going way too far

LH employees suspected of creating firm for property speculationThe real estate speculation by some employees of state housing developer Korea Land and Housing Corp. (LH) has had a tremendous impact on Korean society. The incident inflicted a crushing defeat on the ruling Democratic Party of Korea (DPK) in the April 7 mayoral by-elections in Seoul and Busan. However, the scandal seems to be far from over. “Dozens of current and former LH employees, their relatives and acquaintances are suspected of founding a company to handle speculative property transactions,” Nam Gu-jun, the chief investigator, told reporters Monday.Nam did not elaborate further, saying the investigation was still underway. However, his brief remarks were more than sufficient to shock the public. Individual acts of speculation by LH officials and their relatives were bad enough but forming and running a company for such purposes is an entirely different story. These people not only reaped personal gains using inside information obtained while carrying out official duties, but also pursued illicit gains

Jun 29, 2021

ED Trade reliance on Japan

More efforts needed to localize parts, materialsAlmost two years have passed since Japan suddenly curbed exports to Korean firms of key parts and materials ― photoresist, fluorine polyimide and etching gas ― in apparent retaliation to Seoul top court's ruling in October 2018 ordering Japanese companies to compensate surviving South Korean victims of the neighboring country's forced wartime labor. According to the Korea International Trade Association (KITA) and Korea Customs Service (KCS) Sunday, Korea registered a $10.2 billion trade deficit with Japan during the January to May period this year.This represents a 35 percent increase from $7.4 billion a year earlier. Korea's exports to Japan rose 6.6 percent to reach $11.7 billion, while imports surged 17.8 percent to $21.7 billion in the first five months of the year. KITA foresaw that the trade deficit with Japan will likely surpass last year's $20.9 billion should the current trend continue. Korea's still heavy reliance on Japan for the supply of intermediate goods ― with the exception of etching gas, where dependency fell to 13 pe

Jun 28, 2021

ED Overhaul vetting system

Presidential anti-corruption aide resigns over property deals President Moon Jae-in's secretary for anti-corruption offered to resign Sunday following accusations of real estate speculation involving millions of dollars in loans. Moon accepted the resignation of the secretary, Kim Gi-pyo, immediately.Even a cursory look at his financial status raises a question as to how he passed the presidential office's verification process. Kim reported to the government in a recent declaration of personal assets that he owns 9.12 billion won ($8.08 million) worth of real estate: an apartment in Seongnam, Gyeonggi Province, valued at 1.45 billion won; two commercial stores in Seoul worth 6.55 billion won; and forest land in Gwangju, Gyeonggi Province, valued at 840 million won. His financial liabilities amounted to 5.62 billion won.When Kim's asset declaration was made public Friday, his huge liabilities prompted suspicion that he had taken out large loans to buy land using inside information. Accusations against Kim are focused on the forest land he purchased for 49 million won in 2017 when he w

Jun 28, 2021

ED Threat to rule of law

Government should not try to tame prosecutorsThe Ministry of Justice conducted its biggest reshuffle involving 662 mid-level prosecutors Friday. Yet the ministry has come under attack for promoting pro-government prosecutors to key posts, while relegating to trivial posts the prosecutors spearheading investigations into alleged irregularities of the Moon Jae-in administration.The reshuffle was apparently designed to prevent the prosecution from investigating allegations of wrongdoings involving core members of the political elite. All prosecutors who led such investigations were replaced. The government has virtually disbanded almost all of the probe teams that had been digging up dirt on President Moon's close aides and ranking officials.Those cases include an illegal exit ban on former Vice Justice Minister Kim Hak-ui, and the alleged manipulation of the economic value of the aged Wolsong-1 nuclear reactor to justify its earlier-than-scheduled closure in line with Moon's nuclear phase-out policy. The investigation teams have sought to indict presidential officials for their alleged

Jun 27, 2021

ED Ruling against Netflix

Video streaming giant should not pass costs on to consumersA local court ruled against global video streaming giant Netflix in its network usage fee dispute with Korean internet access provider SK Broadband (SKB), Friday. The Seoul Central District Court rejected Netflix's request for confirmation that it has no obligation to negotiate with SKB. The court also dismissed a request from the U.S.-based video-streaming service provider for it not to be liable to pay network usage fees to the internet service provider. “Concluding contracts and paying prices are matters to be decided through the negotiation of the concerned parties,” the court said. “It is not a matter for the court to get involved in.” At the heart of the matter was the judgment on who should pay the expenses incurred by global providers' expansion of services. SKB has accused Netflix of free riding on its network, despite the massive traffic caused by its streaming service. Netflix's stance raised controversy that local platform service providers that pay such fees, such as Naver and Kakao, are b

Jun 27, 2021

ED Conscientious objection extended

Top court's ruling brings both hope and concernThe Supreme Court Thursday upheld an appellate court's acquittal of a conscientious objector who dodged his military service citing his own personal convictions. The man, identified by his surname Jeong, was indicted in 2017 on charges of violating the Military Service Act (MSA) for disobeying his enlistment order. It is the first time that the top court confirmed the not-guilty ruling on a man who refused to follow his conscription order on the basis of personal beliefs rather than religious beliefs, such as held by Jehovah's Witnesses. In February, another man, also not a Jehovah's Witness, was confirmed not-guilty after refusing to take reserve forces training citing his personal convictions.The recent ruling is welcome in that it extends the scope and meaning of conscientious objection, respecting the value of diversity and needs of minorities in a democratic society. Yet the ruling also leaves many tasks in terms of how to determine the authenticity of the objector's personal beliefs and possible controversies over fairness.Jeong, w

Jun 25, 2021

ED Fear of Delta variant

Speed up vaccination against COVID-19The health authorities are on alert over the Delta variant of COVID-19 which has spread rapidly to more than 90 countries. The new strain of the coronavirus, found to have originated in India, is much more contagious and expected to become dominant globally.South Korea has yet to report any mass infections of the Delta variant. However, there is a growing fear that it could hit the country hard anytime soon, just as it is doing in Britain and other European countries as well as the U.S.The Korea Disease Control and Prevention Agency (KDCA) reported 610 new infections, including 576 local cases, Thursday, with the total caseload reaching 153,155. The agency said 2,225 cases in Korea have so far been linked to COVID-19 variants, and of these, 1,886 people were infected with the Alpha variant believed to have originated in Britain. Infections caused by the Delta variant were estimated at 190. As KDCA Commissioner Jeong Eun-kyeong said, the Delta variant is in its initial stages of spreading in South Korea. This means the country might have to tighten

Jun 24, 2021

ED No insurance for coal plants

All related industries should speed up 'de-coaling' processFour nonlife insurance companies ― DB, Hana, Hanwha General, and Hyundai Marine & Fire ― have decided to stop providing insurance for the construction and operation of new coal-fired power plants. The decision is in response to a request by Korea Beyond Coal, an alliance of domestic climatic and environmental organizations, to 11 nonlife insurers. This is the first time that underwriters have decided to discontinue insurance provisions for the building and running of new coal plants. Two of the 11 will cease to underwrite only the construction of new coal plants.The insurance firms' primary target is Samcheok Thermal Power Plant, one of the seven coal-fired plants under construction and with a completion rate of 40 percent, the last one scheduled to be finished. The Moon Jae-in administration has refused to stop its construction, raising doubts about its determination to attain carbon neutrality. The insurance industry accounts for about one-third of domestic coal financing, meaning that the four underwriters' declaration

Jun 24, 2021

ED Warning against housing bubble

Korea faces double whammy of speculation and debtThe Bank of Korea (BOK) has warned of the potential bursting of a housing bubble in Seoul and its surrounding area, as runaway housing prices show no signs of stabilizing. If the bubble bursts and causes a freefall in property prices, this could trigger a financial crisis.The central bank said the country faces the double whammy of housing speculation and skyrocketing household debt that are amplifying the risk of a financial market collapse. The asset bubble and the ticking debt bomb are highly vulnerable to possible shocks, both internal and external.Releasing a report on financial stability Tuesday, the BOK said the nation’s house price risk index stood at minus 0.9 percent in the first quarter of this year, its lowest point since the third quarter of 2009. This means housing prices could fall at least 0.9 percent each quarter if the current financial situation continues. The index has remained in negative territory since the first quarter of last year after recording 0.4 percent growth in the fourth quarter of 2019.The ratio

Jun 23, 2021

ED Autonomous regional police system

Revamping community-oriented services must be prioritized An autonomous regional police system will go into full operation nationwide next month in what appears to be the biggest overhaul of the nation's police force since its inauguration in 1945. Under a reform plan implemented in stages as one of President Moon Jae-in's campaign pledges, the current force, which is under the jurisdiction of the central government, will be divided into a national one, the National Office of Investigation (NOI), and autonomous police forces.The national police, led by the chief of the National Police Agency, will be in charge of external affairs such as security and intelligence gathering, while the NOI, which was established in January, will carry out general investigations. The autonomous police will be under the control of autonomous committees in the country's 17 major cities and provinces, taking charge of duties related to public safety, including traffic, school and domestic violence, and drunk driving.This reorganization is aimed at mitigating the bloated police force in accordance with the

Jun 23, 2021
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