President Lee Jae-myung proposed raising the reward payout ratio related to hoarding under the current Act on the Protection of Public Interest Reporters, which is "up to 10% of the recovered amount," to around 30%. He said rewards for reporting should be increased and strong measures are needed to root out market-disrupting behavior. He also said measures, including legal amendments, should be prepared and reported so that hoarded quantities can be swiftly confiscated.
On the 6th, Lee said, "The government should not have a government-first mindset. If government crackdowns are justified, why can't the private sector report?" and added, "We are too stingy with the reporting reward system. I don't understand why."
After receiving a briefing from Chairperson Jeong Il-yeon of the Anti-Corruption & Civil Rights Commission (ACRC) on the status of general provisions related to the reward system under current law, Lee said, "The reward level seems far too low," and added, "Raise it (for hoarding) to 30%, like reports of stock price manipulation." He continued, "There is no reason not to. Why can't we give more than 10% to the private sector?" and said, "Ultimately, it is a legislative decision, but it seems Korea, as a Confucian country, has a mindset that 'reporting is immoral.'"
He also said, "If you say you will give 50% (as a reward) for reporting, employees of companies that committed hoarding could report it, make money, and live off it for life," adding, "There is no loss to the treasury, it is good for crime prevention, it is good for individuals to make money, it is good for income redistribution and market revitalization, and it seems there is no reason not to do it." He then said, "In comprehensive fashion, have the relevant ministries come up with effective plans and submit them."
◇"Confiscate hoarded quantities even by changing the law"
He also called for "confiscation" of hoarded quantities to enhance the deterrent effect. Lee said, "Since confiscation of hoarded quantities is also a special provision, actually make institutional supplements so that the government can immediately act by proxy to dispose of them, or put them on the market to sell and later collect the amount as a surcharge."
Lee said, "Check whether (confiscation of quantities) is currently possible, and if handling is possible, do it by creating an enforcement decree, and if that seems utterly impossible, then do it by changing the law," adding, "They keep doing it because we take half measures," and said, "Do you think the market would be shocked just because we confiscated about a hundred thousand syringes?" He then said, "Prepare long-term and short-term measures separately and report them quickly," adding, "If it seems difficult to do right now, then just seize them."