In the case to annul the ruling in the investor-state dispute settlement (ISDS) between U.S.-based private equity fund Lone Star and the Korean government over the sale of Korea Exchange Bank, the Ministry of Justice Director General who played a major role in Korea's victory on the 19th assessed, "Prosecutors are very precious public servants for the nation and the people."
◇ "As government lawyers at the Ministry of Justice, prosecutors devote themselves to protecting the national interest and preventing the outflow of national wealth"
Jeong Hong-sik, head of the Ministry of Justice's international legal affairs bureau, said this during a briefing at Government Complex Gwacheon that afternoon, saying, "I am not a prosecutor. I joined through an open recruitment two years ago and came into the ministry, and worked shoulder to shoulder with just over 10 prosecutors in our bureau."
He added about prosecutors, "They are fundamentally armed with a strong sense of duty, a firm public mindset, and objective competence," and said, "They are the Ministry of Justice's warriors of the Republic of Korea who put the national interest first."
Director General Jeong Hong-sik said, "But regrettably, there seem to be some who argue that prosecutors should be sent out of the Ministry of Justice," adding, "In my view, that is not desirable. I worry it could result in losing the nation's precious asset."
He said, "With this case as a turning point, please recognize that the role of prosecutors does not end with handling criminal cases; at the Ministry of Justice, they also devote themselves, as government lawyers, to protecting the national interest and preventing the outflow of national wealth."
At the Ministry of Justice, prosecutors hold key posts such as Prosecutors' Affairs Director General, Deputy Minister for Planning and Coordination, and Spokesperson. Under the Moon Jae-in administration, the ministry underwent de-prosecutorialization, reducing the number of key positions held by prosecutors compared with the past.
◇ Final oral argument held in London in Jan. during the impeachment turmoil… Director General Jeong "got a positive feeling"
Earlier, Prime Minister Kim Min-seok held a briefing at 7 p.m. on the previous day at Government Complex Seoul regarding the victory. Minister Jung Sung-ho and Director General Jeong Hong-sik sat in. Minister Jung Sung-ho said of Director General Jeong Hong-sik, "He is a capable expert in international law and international arbitration," adding, "The effort was tremendous."
The international legal affairs bureau was newly created in Aug. 2023, when Han Dong-hoon, former People Power Party leader, was serving as Minister of Justice. Earlier, in Jul. of the same year, Lone Star filed for annulment of the original award ordering the Korean government to pay $216.5 million and interest.
When establishing the international legal affairs bureau, the Ministry of Justice said, "Major cases such as the Lone Star and Elliott ISDS rulings have successively become focal issues," adding, "We will greatly reinforce the response system." International legal work had previously been handled by two divisions, but with the creation of the international legal affairs bureau, it was expanded to one bureau and three divisions, and 25 people, including the Director General, came to handle related cases exclusively.
Accepting the post of People Power Party emergency committee chair ahead of the general election, Han, the former leader, resigned as Minister of Justice in Dec. 2023, and then Park Sung-jae, a former minister from the prosecution, took office on Feb. 20 last year. The inaugural international legal affairs Director General post remained vacant for more than half a year before Director General Jeong Hong-sik was appointed on the 26th of the same month.
Director General Jeong graduated from Chung-Ang University's department of political science and international relations and from the Indiana University Law School in the United States, and worked as an attorney at a local U.S. law firm. After returning to Korea, starting in 2006, Jeong served as a professor at Chung-Ang University's law college and law school, teaching international business transactions law and international arbitration. Jeong also served as a conciliator at the International Centre for Settlement of Investment Disputes (ICSID) under the World Bank and as an international arbitrator at the International Chamber of Commerce (ICC).
In connection with this case, Director General Jeong Hong-sik delivered the final oral argument in London, United Kingdom, in Jan. during the impeachment turmoil. On the previous day, Jeong said, "At the oral hearing in Jan., the annulment committee asked many questions related to (Lone Star's due process violations, etc.), so I got a positive feeling (that a victory was possible)."