In the midst of Lee Bok-hyeon, the Chairperson of the Financial Supervisory Service, arguing that the interim president should not exercise veto power over the amended Commercial Act passed by the National Assembly, Kim Byung-hwan, the Commissioner of the Financial Services Commission, noted, "I hope the priority is on amending the Capital Markets Act," revealing a contrasting stance to that of Chairperson Lee. Additionally, Commissioner Kim disclosed that work has begun to improve the private equity fund system.
Commissioner Kim attended a monthly press briefing held at the Government Seoul Complex in Gwanghwamun on the 26th, stating, "As the Commissioner responsible for advancing the capital market, I am concerned that the method of protecting common shareholders through the amendment of the Commercial Act may lead to negative side effects."
Commissioner Kim added, "As an alternative, I hope the priority is on amending the Capital Markets Act or that it can be done together with the amendment to the Capital Markets Act; I have said this several times and my position remains the same now."
Regarding the exercise of veto power over the amendment to the Commercial Act, he stated, "There will be an initial opinion from the Ministry of Justice, the relevant department, and since various institutions will provide their opinions, the interim president will make the final decision, so it is not appropriate for me to speak publicly about this."
On the same day, Chairperson Lee appeared on MBC Radio's "Kim Jong-bae's Focus" and said that if the interim president, Han Duck-soo, exercises veto power over the amended Commercial Act passed by the National Assembly, foreign investors will leave our market.
Chairperson Lee stated, "If a veto is exercised on the (amendment to the Commercial Act), it will raise doubts about the government's will to resolve the Korea Discount (the undervaluation of the Korean stock market), and it will also impact the stock and foreign exchange markets."
Commissioner Kim expressed discomfort regarding Chairperson Lee's assertion that MBK Partners, the major shareholder of Homeplus, is essentially lying, saying, "You have made a lot of comments (Chairperson Lee)."
Commissioner Kim said, "We are conducting inspections on the securities firms that sold the Homeplus convertible bonds," adding, "I do not know if Chairperson Lee has more information regarding this, but if anything is revealed during the inspection process, appropriate measures will be taken in response." He further stated, "Since it is a socially significant issue with many individuals affected, a thorough investigation will be conducted, and repayment measures will be taken."
Earlier, Chairperson Lee claimed on MBC Radio, "MBK does not say when it will repay the ABSTB (Homeplus card payment-based securitized short-term bonds)," adding, "If it cannot promise what the resources will be, then it is hiding the relevant situation and is close to lying."
During this meeting, Commissioner Kim revealed that he had commissioned a study related to improving the private equity fund system at the Korea Institute of Finance. He stated, "In light of the Homeplus situation, issues surrounding private equity funds have been raised, and since it has been about 20 years since the introduction of private equity funds, we will examine both the pros and cons and identify areas that are lacking compared to major countries."