Lee Chan-jin, governor of the Financial Supervisory Service, saw his assets rise by 2.2 billion won in five months, from about 38.5 billion won in Aug. last year to 40.7 billion won at the end of last year, drawing attention to the background. During this period, Lee reduced the share of bank deposits and insurance assets and invested in exchange-traded funds (ETF) and exchange-traded notes (ETN). As the stock market climbed, it appears he earned high revenue.
On the 26th, the Government Public Officials Ethics Committee disclosed the asset registration details of 1,903 former and current senior public officials as of Dec. 31 last year. The total assets reported by Lee Chan-jin, head of the Financial Supervisory Service (FSS), were 40,732,280,000 won, up about 2.2 billion won from the previously disclosed figure as of Aug. last year (about 38,488,750,000 won). As Lee's deposits jumped by around 3.8 billion won, his overall asset size also increased. In senior officials' asset registrations, the deposits category includes not only ordinary bank savings and time deposits but also assets held in securities firm accounts and insurance product assets.
Of the 34,885,340,000 won in deposits attributed to Lee at the end of last year, his own holdings, excluding his spouse and eldest son, amounted to 28,881,150,000 won, an increase of more than 2.1 billion won in five months. The item in Lee's deposit asset that grew the most was his Shinhan Investment securities account, which added 4,009,450,000 won over the five months since his Aug. inauguration. Assets at Hanwha Investment & Securities also rose to 999,380,000 won, up more than 500 million won from Aug. last year. Lee's spouse also increased assets in securities firm accounts such as Korea Investment & Securities Co., pushing up deposit assets by around 1.7 billion won.
Lee's deposits in his Korea Development Bank (KDB) account totaled 1,982,620,000 won, about 1.8 billion won less than in Aug. last year. In addition, assets in accounts at Samsung Securities (-800 million won), Shinhan Bank (-200 million won), KB Kookmin Bank (-20 million won), and Kyobo Life Insurance (-13 million won) all declined.
At the end of last year, the size of securities held by Lee (including his spouse and eldest son) was 397,050,000 won, about 900 million won less than at the previous disclosure. Lee sold 2,000 of the 7,150 shares of Lakka Therapeutics he held at the time of his Aug. appointment, as well as all 25 shares of Walt Disney. He currently holds almost no individual stocks.
In Oct. last year, after controversy over owning multiple homes, Lee sold one of two apartments he owned in Umyeon-dong, Seocho-gu, Seoul. He used the entire 200 million won down payment received after the sale to buy domestic stock index ETFs such as KOSPI and KOSDAQ. As of the Dec. 30 closing price last year, the KOSPI stood at 4,214.17, up 988.51 points (30.6%) from when Lee took office (3,225.66). The KOSPI ETF rose by nearly 50% from when Lee bought it.