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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Prosecutors seize assets of key convicts in high-profile development scandal

Prosecutors on Wednesday began to seize the assets of key convicts in a high-profile development scandal case allegedly linked to President Lee Jae Myung. The Seoul Central District Prosecutors' Office said it has started to seize vehicles, bonds and other assets registered under Yoo Dong-gyu, former acting president of Seongnam Development Corp., as well as Kim Man-bae, a major shareholder of Hwacheon Daeyu, and lawyer Chung Min-yong. The action follows a court ruling in October last year sentencing Kim and Yoo to eight years in prison each, and Chung to six years, along with orders to forfeit their illicit profits from a massive development project. The scandal centers on allegations that a small number of unqualified private asset management companies, including Hwacheon Daeyu, were allowed to reap astronomical investment profits from the real estate development project in Seongnam's Daejang-dong district in 2015, when Lee was the city's mayor. Prosecutors said they decided to proceed with the asset seizures as the defendants failed twice to comply with court forfeiture orders. They we

Feb 4, 2026By Yonhap
Prosecutors seize assets of key convicts in high-profile development scandal

Rival parties to launch special committee to advance US investment bill

The ruling Democratic Party of Korea (DPK) and the main opposition People Power Party (PPP) agreed Wednesday to establish a special committee to handle a special bill on implementing South Korea's investment package pledged to the United States. DPK floor leader Han Byung-do and his PPP counterpart, Rep. Song Eon-seog, told reporters that the agreement was reached during a meeting at the National Assembly earlier in the day. The special committee will consist of 16 members, with eight lawmakers from the DPK, seven from the PPP and one from outside the two major parties. A PPP member will chair the committee. The committee will run under a 30-day mandate. The special bill on U.S. investment was introduced by the DPK last November to carry out Seoul's investment pledges to the U.S. as part of a trade deal reached by the two countries last year, following tariff actions by U.S. President Donald Trump. Under the deal, Seoul has committed to investing $350 billion in the U.S., among other pledges, in return for Washington lowering reciprocal tariffs on South Korea to 15 percent from 25 percent

Feb 4, 2026By Yonhap
Rival parties to launch special committee to advance US investment bill

Opposition leader calls for special counsel probes into allegations involving ruling party, Lee

Opposition leader Jang Dong-hyeok on Wednesday called for the launch of separate special counsel probes into the Unification Church's alleged ties with lawmakers of the ruling Democratic Party of Korea (DPK) and bribery allegations linked to the DPK nominations. In a speech at the National Assembly, Jang of the main opposition People Power Party also demanded an independent investigation into the prosecution's controversial decision last November not to appeal a land development corruption case linked to President Lee Jae Myung. Jang's criticism came as the DPK is pushing to launch a comprehensive special counsel investigation that may aim to combine three separate probes into former President Yoon Suk Yeol's failed martial law bid in December 2024, allegations involving former first lady Kim Keon Hee and the death of a young Marine. "There are other areas where special counsel probes are truly needed," Jang said at the speech by the leader of a parliamentary negotiation group, demanding three separate special counsel probes targeting the DPK and the Lee administration. "President Lee an

Feb 4, 2026By Yonhap
Opposition leader calls for special counsel probes into allegations involving ruling party, Lee

Pastor indicted for instigating courthouse riot

w Prosecutors on Tuesday indicted conservative activist pastor Jeon Kwang-hoon who was arrested last month over his alleged involvement in last year's courthouse riot committed by supporters of former President Yoon Suk Yeol. Jeon was brought to trial on multiple charges, including instigating trespassing in special buildings and instigating obstruction of special public duties, according to the Seoul Western District Prosecutors Office. Jeon is accused of being behind pro-Yoon protesters' violence at the Seoul Western District Court on Jan. 19 last year, following the court's decision to extend Yoon's detention over his martial law declaration in December 2024. The pastor at Seoul's Sarang Jeil Church, who is known for leading numerous rallies in support of Yoon after the martial law, reportedly urged the rally participants to exercise their right of resistance. The prosecution also charged Jeon with violating the Assembly and Demonstration Act and obstructing general traffic for urging rally participants gathered in Gwanghwamun Square to march toward the Seoul Western District Court and

Feb 3, 2026By Yonhap
Pastor indicted for instigating courthouse riot

Ruling, opposition parties rocked by leadership turmoil ahead of local elections

Korea’s two major political parties are grappling with internal turmoil as decisions by their leaders stir deepening opposition ahead of a key national election and party leadership races later this year. Criticism in both parties has centered not only on the decisions themselves but also on how they were made. In the Democratic Party of Korea (DPK), the dispute arose when party leader Jung Chung-rae proposed a merger with the Rebuilding Korea Party at a public meeting, without first discussing it within the party. Senior members quickly pushed back, saying the proposal had bypassed internal procedures and came at the wrong moment. The clash came to light during a DPK Supreme Council meeting on Monday, when senior party member Lee Un-ju confronted Jung in person. “This is not the time for a forced merger,” Lee said, adding that the move appeared to reflect “the ambitions of second-and third-ranking figures rather than the will of the party.” She warned that the proposal risked turning the DPK into “a party centered on specific individuals” rather than maintaining its current

Feb 3, 2026By Bahk Eun-ji
Ruling, opposition parties rocked by leadership turmoil ahead of local elections

Ruling party floor leader vows 'end to insurrection,' push for prosecution reform

The floor leader of the ruling Democratic Party of Korea (DPK) pledged to press ahead with sweeping judicial reforms and put an end to former President Yoon Suk Yeol's martial law crisis as he addressed the parliament on Tuesday. Rep. Han Byung-do made the remarks in his policy address at the National Assembly, calling people's livelihoods the utmost priority of the Lee Jae Myung administration. "An end to insurrection equals restoring people's livelihoods," he said. "The DPK will put a complete end to the insurrection and carry out sweeping prosecutorial, judicial and social reforms." He also stressed the need to conduct a thorough probe into allegations that were not fully addressed by the three special counsel investigations into Yoon's failed martial law bid, corruption allegations tied to former first lady Kim Keon Hee and the 2023 death of a Marine. On prosecutorial reform, Han said there would be "no compromise," reiterating the party's commitment to push for the separation of the prosecution's investigative and indictment authorities to rein in its power. Han added that Yoon, alon

Feb 3, 2026By Yonhap
Ruling party floor leader vows 'end to insurrection,' push for prosecution reform

Lee hails prosecution for indicting executives on charges of price fixing

President Lee Jae Myung on Monday hailed the prosecution for indicting 52 executives on charges of price fixing involving daily necessities, such as flour, sugar and electricity. Lee shared a link to a news report on the social platform X that detailed the prosecution's indictment of milling companies, sugar producers and bidders linked to the state-run Korea Electric Power Corp. between September and January in cases involving contracts worth about a combined 10 trillion won ($6.8 billion). "Prosecutors achieved significant results," Lee wrote on X, noting that he instructed the prosecution to share the investigation results at the upcoming Cabinet meeting. The remarks marked a rare public compliment from Lee, who has previously criticized the prosecution over past investigations involving him and the handling of other cases. Lee also said he instructed the government to consider measures to strengthen regulations on price fixing, including raising legal penalties, confiscating illicit profits and restoring prices that were unfairly increased. Prosecutors launched the price-fixing invest

Feb 2, 2026By Yonhap
Lee hails prosecution for indicting executives on charges of price fixing

Prime minister says Korea activated hotline with Vance after Trump's tariff warning

Prime Minister Kim Min-seok said Monday that he has been communicating with U.S. Vice President J.D. Vance through a direct hotline seeking clarification on Washington’s intentions following U.S. President Donald Trump’s recent remarks suggesting a possible tariff increase. Speaking at a New Year press briefing with the prime ministerial press corps at his official residence in Seoul, Kim said the hotline was activated immediately after Trump made his comments. “I exchanged phone numbers with Vice President Vance in person during my recent visit to the United States, and we have since communicated several times,” Kim said. “After President Trump’s sudden message, we activated the hotline with Vice President Vance and used all available channels to determine the U.S. government’s actual position.” The remarks followed Trump’s post on social media last week, in which he accused Korea of failing to implement the tariff agreement and said he would raise tariffs on Korean autos, pharmaceuticals and other goods from 15 percent to 25 percent. Kim rejected claims that Trump’s

Feb 2, 2026By Bahk Eun-ji
Prime minister says Korea activated hotline with Vance after Trump's tariff warning

Lee refutes opposition party's criticism over housing supply plan

President Lee Jae Myung on Monday refuted criticism by the main opposition party over the government's plan to supply homes to stabilize the property market. Lee shared a news article quoting Choi Bo-yun, a spokesperson for the main opposition People Power Party, who had criticized the government's housing supply plan as blocking necessary solutions and utilizing idle land, likening it to telling people to accept the "rationing of real estate." "What about stopping support for real estate speculation that could ruin the country," Lee wrote on the social media platform X. Lee also shared a separate news report noting that a unit at a luxury apartment complex in southern Seoul had been put up for urgent sale at a lower price after he said the government would end a temporary suspension of higher capital gains taxes on owners of multiple homes. The post marked Lee's latest in a series of social media messages that strongly signaled his resolve to rein in the overheating housing market.

Feb 2, 2026By Yonhap
Lee refutes opposition party's criticism over housing supply plan

Lee's approval rating edges up to 54.5%: poll

President Lee Jae Myung's approval rating rose to 54.5 percent last week amid the bullish stock market and a move to stabilize the property market, a survey showed Monday. The rating was up 1.4 percentage points from the previous week, while the negative assessment fell 1.4 percentage points to 40.7 percent, according to the survey by Realmeter and commissioned by a local business news outlet. Realmeter said support among self-employed workers and homemakers rose sharply as the benchmark Korea Composite Stock Price Index and the secondary KOSDAQ index continued to hit record highs. Support for Lee was also buoyed by his move to restore higher capital gains tax for multiple home owners aimed at curbing the overheating trend of the housing market, according to the pollster. It also expanded across the greater Seoul area following the announcement last Thursday of new real estate measures, which includes supplying an additional 60,000 housing units in the Seoul metropolitan area mostly for young people and newly married couples. The survey was conducted on 2,516 adults from Monday to Friday

Feb 2, 2026By Yonhap
Lee's approval rating edges up to 54.5%: poll
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