The People Power Party urged special prosecutor Min Joong-ki, who faces allegations of using nonpublic information to trade stocks, to step down immediately and face an investigation. The People Power Party plans to file a complaint over Min's alleged investments using nonpublic information.
People Power Party floor leader Song Eon-seok said at the National Assembly's audit strategy meeting on the morning of the 21st, "Special Prosecutor Min rejected the demand to resign yesterday (on the 20th)," adding, "The special prosecutor brazenly claims that the investigation by the special counsel must not be influenced by personal matters."
Song, the floor leader, said, "The allegation of investment using nonpublic internal information is a serious matter that mocks 13 million retail investors and destroys market order," adding, "Special Prosecutor Min should resign and be investigated."
He continued, "Special Prosecutor Min must disclose when the stock was purchased, from whom it was purchased, and with what money it was purchased," stressing, "Otherwise, it will be difficult to dispel public suspicion about how the '10,000-share club' is any different from the 'Daejang-dong 5 billion won club.'"
Song also said, "Whether Special Prosecutor Min committed an illegal act or not is not for the person involved to decide. It must be determined through investigation and trial," adding, "The People Power Party has decided to file a legal complaint over Special Prosecutor Min's alleged investments using nonpublic information."
Special Prosecutor Min is known to have made more than 150 million won in profit by selling shares of the solar materials company Neosemitech around 2010, when serving as a high court presiding judge. Neosemitech went public through a backdoor listing in Oct. 2009, and trading was halted in Mar. 2010 over suspected accounting fraud. Special Prosecutor Min sold shares during Jan.–Mar. 2010, when trading was suspended, and made a profit, prompting allegations of transactions using nonpublic information.