With Lee Chan-jin, head of the Financial Supervisory Service, having reported assets in the 30 billion won range, attention is on the fact that all domestic stocks were sold and only overseas stocks such as Apple and Walt Disney are being held. Earlier this month, as the won-dollar exchange rate surged, Lee urged particular caution for so-called "Korean retail investors trading U.S. stocks" (individual investors who invest in overseas stocks), drawing criticism that this runs counter to his own investment moves.
According to the disclosure of senior public officials' assets released by the Government Public Officials Ethics Committee on the 30th, Lee reported that, as of his appointment in Aug. last year, he held 38.489 billion won under his, his spouse's, and his eldest son's names. Among incumbent senior officials whose assets were disclosed this time, Lee ranked second in asset size.
At the time of the filing, Lee's own stock holdings, combining domestic and overseas stocks, totaled 1.05921 billion won. He held domestic stocks such as KB Financial, Shinhan Financial Group, Woori Financial Group, and Industrial Bank of Korea (IBK), but sold them all after taking office to prevent conflicts of interest.
However, he did not sell overseas stocks and holds Recursion Pharmaceuticals (7,150 shares), SoFi Technologies (110 shares), Apple (100 shares), On Holding (140 shares), Walt Disney (25 shares), Tesla (66 shares), and Lockheed Martin (20 shares), among others.
Early this year, as the exchange rate rose rapidly, the government suggested it was because "Korean retail investors trading U.S. stocks" were selling won and buying dollars to invest in overseas stocks. On the 13th, Lee held a "market conditions review meeting" and noted, "Despite the KOSPI's upward trend, vague expectations about rising overseas asset values are fueling an increase in overseas stock investment and sales of foreign currency financial products."
Afterward, the financial authorities also instructed the financial industry to strengthen investor protection measures, such as raising awareness of loss risks, to discourage domestic investors from buying overseas stocks.
In political circles, criticism arose that while discouraging individual investors from acquiring overseas stocks, Lee holds a large amount of overseas stocks. Park Seong-hoon, senior spokesperson of the People Power Party, said, "Key figures of the administration, including Lee Chan-jin, head of the Financial Supervisory Service, have turned out to be 'Korean retail investors trading U.S. stocks' holding large positions in U.S. big tech stocks," adding, "This is a signal of distrust in the future and vision of the Korean economy."