President Lee Jae-myung speaks at the second senior secretary meeting held at the presidential office in Yongsan, Seoul, on the 3rd. /Courtesy of Presidential Office Press Photographer Group

President Lee Jae-myung said on the 3rd that the highest level of penalty surcharges should be imposed on 'illegal short selling.' The capital market is one that President Lee has repeatedly mentioned as an investment destination to replace real estate. Given that unfair transactions are identified as a major cause of the Korea discount (undervaluation of the Korean stock market), the intention is to strictly penalize market disruption activities, such as illegal short selling.

According to the Presidential Office, President Lee stated during the second senior advisor meeting he presided over since taking office that there should be a swift response to unfair transactions in the capital market and that harsh penalties against market disruption forces should be publicly declared. He noted that 'penalty surcharges should be imposed at the highest level for illegal short selling,' spokesperson Kang Yoo-jung reported.

President Lee ordered that 'all possible means, including legal revisions, should be mobilized to enhance the stock market, and we must quickly drive the 'value up' of the Korean stock market.' Meanwhile, after receiving a report on the 'SK Telecom hacking incident' response status from the National Security Office and the Artificial Intelligence (AI) Future Planning Office, President Lee stated regarding penalty fees, 'There should be no losses for victims due to the company’s fault in the contract termination process.'

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