South Korean Government Vows to Curb Surging Fuel Prices Amid Middle East Tensions

▷ As international oil prices surge due to instability in the Middle East, domestic gasoline prices in cities like Busan have exceeded 1,800 KRW per liter, causing significant financial strain on citizens and transport workers.

▷ President Lee Jae-myung (이재명) has ordered a strict crackdown on “price gouging,” criticizing those who take advantage of the national crisis to maximize their own profits.

▷ Deputy Prime Minister Gu Yun-cheol (구윤철) announced that the government is considering designating a maximum price for petroleum products and investigating potential price-fixing by oil refiners to stabilize the market.

[View Original]

Unification Church Accused of Trick Fundraising for Leader’s Legal Defense

▷ The Unification Church is reportedly pressuring members to provide special donations for the legal and administrative costs of leader Han Hak-ja (한학자), who is currently detained on charges of providing luxury gifts to the First Lady.

▷ Critics argue that the church’s use of individual virtual accounts is a tactic to circumvent laws regarding embezzlement and the illegal collection of donations, as private legal fees should not be funded by religious contributions.

▷ Meanwhile, the Tokyo High Court in Japan has upheld a dissolution order against the organization due to its history of coercing high-value donations, leading to a massive liquidation process involving potential damages of nearly 1 trillion won.

[View Original]

Why the Korean Stock Market Has Become an Unprecedented “Roller Coaster”

▷ The Korean stock market has experienced extreme volatility, with the KOSPI and KOSDAQ plunging and soaring by record margins within days due to geopolitical tensions and profit-taking from rapid prior gains.

▷ Jim Bianco (짐 비앙코), president of Bianco Research, pointed out that the high proportion of individual investors causes the market to react more intensely, leading to sharp crashes rather than simple corrections.

▷ With credit loan balances hitting a record high of 32.8 trillion won, Kim Suk-hwan (김석환) of Mirae Asset Securities advises that investors must maintain strict risk management as high volatility is expected to continue.

[View Original]

U.S. to Decide on Section 301 Investigation Over Korea’s Regulation of Coupang

▷ The USTR, led by Jamieson Greer (제이미슨 그리어), is set to announce whether it will launch a Section 301 investigation into South Korea’s sanctions against Coupang following a petition from the company.

▷ While this investigation could lead to broad retaliatory tariffs on various Korean exports, the South Korean government’s recent decision to permit the export of high-precision Google Maps data is seen as a strategic move to ease trade tensions.

▷ Experts such as Professor Heo Jeong (허정) and Research Director Jang Sang-sik (장상식) suggest that Korea’s proactive deregulation and diplomatic efforts to explain its consumer protection laws may dissuade the Trump administration from initiating the probe.

[View Original]

Volleyball Coach Lee Do-hee Safely Returns to Korea Amid Escalating Iran Conflicts

▷ Lee Do-hee (이도희), the head coach of the Iranian women’s national volleyball team, arrived at Incheon International Airport on the 5th after a grueling four-day escape from the war-torn region.

▷ Following the airstrikes, she moved to the Korean Embassy for safety and traveled 1,200km by bus to cross the Turkmenistan border before flying back to Korea via Istanbul.

▷ Despite the uncertain future of upcoming international tournaments due to the ongoing war, Lee expressed her strong desire to return to Iran and continue coaching her players once the situation stabilizes.

[View Original]

Permanent Special Prosecution Ends with Limited Results in Coupang and Banknote Bundle Cases

▷ The permanent special prosecution led by Ahn Gwon-seop (안권섭) concluded its investigation into Coupang and the “banknote bundle” case without fully uncovering the alleged collusion between private entities and state agencies.

▷ While former and current CEOs of Coupang Fulfillment Services, such as Um Sung-hwan (엄성환) and Jeong Jong-cheol (정종철), were indicted for labor law violations, the team failed to secure objective evidence regarding illegal lobbying toward judicial authorities.

▷ For the banknote bundle case, no suspects were indicted and the case was transferred back to the prosecution, sparking criticism over the effectiveness of the special prosecution system and its high operational costs.

[View Original]

Clause for Suspending Statute of Limitations Removed from Humidifier Disinfectant Special Act

▷ A key provision in the revised special act, which would have treated past relief benefit applications as a suspension of the civil statute of limitations, was deleted during the parliamentary review process.

▷ The Ministry of Justice opposed the clause, arguing that it could lead to unconstitutional retroactive legislation by reviving legal claims for which the 10-year statute of limitations had already expired.

▷ While the government states that victims can still receive compensation through the newly established Compensation Deliberation Committee, legal experts such as Nam Seong-uk (남성욱) point out that this deletion limits the victims’ options for seeking judicial remedies through civil lawsuits.

[View Original]

24 U.S. States File Lawsuit to Invalidate Trump’s New Tariffs Under Trade Act Section 122

▷ Twenty-four U.S. states have filed a lawsuit in the Court of International Trade to block new tariffs imposed by Donald Trump (도널드 트럼프) based on Section 122 of the Trade Act.

▷ The plaintiffs argue that the legal requirement of a “serious balance-of-payments deficit” is not met by current trade conditions and that the law was originally designed for the now-obsolete fixed exchange rate system.

▷ While the lawsuit claims that 90% of tariff costs are passed on to American consumers, the administration maintains that the president has the legitimate authority to use such measures to address trade imbalances.

[View Original]

Court Convicts ‘Geonjin’ for Influence Peddling, Fueling Investigation into Uiwang Mayor

▷ A court sentenced Jeon Seong-bae (전성배), known as “Geonjin Beopsa,” to six years in prison for accepting bribes to lobby Mayor Kim Seong-je (김성제) regarding the “Uiwang Moomin Valley” project.

▷ The ruling confirmed that Jeon received about 167 million KRW from a private company in exchange for requesting the mayor to promote the development, utilizing his connections with high-ranking officials.

▷ Police are now focusing their investigation on whether Mayor Kim was aware of the illicit dealings or engaged in any illegal decision-making processes during the rapid implementation of the project.

[View Original]

Trial Postponed as Special Counsel Fails to Prepare Evidence List

▷ The trial of Lee (이모씨), chairman of a KOSDAQ-listed company, and six others accused of aiding the escape of Lee Ki-hun (이기훈), Vice Chairman of Sambu Togon, was delayed due to the Special Counsel’s lack of preparation.

▷ Presiding Judge Jo Hyeong-woo (조형우) strongly reprimanded the prosecution, stating he had never seen such a case before and questioned if they were even paying attention to the matter.

▷ The court has rescheduled the hearing for March 13th to conduct the investigation of evidence and proceed with the final arguments.

[View Original]