[Newsmaker] Former President Lee Myung-bak put behind bars

Former President Lee Myung-bak was placed behind bars Monday, after the Supreme Court upheld his conviction for bribery and embezzlement and revoked his bail. The 78-year-old, who led the country from 2008 to 2013, faces 16 more years in jail. Lee left his residence in Gangnam-gu, southern Seoul, at around 1:45 p.m., as supporters and longtime aides, including former Rep. Lee Jae-oh, gathered to bid him farewell.　 “They can arrest me, but they can’t confine the truth” his

Nov. 2, 2020

PM announces new 5-level social distancing scheme

Prime Minister Chung Sye-kyun on Sunday announced a new social distancing scheme based on five levels instead of three, saying the new plan aims to improve anti-virus measures in a tailored fashion amid criticism the current system is too broad-brush. The scheme will take effect Saturday and break up the current three levels into Levels 1, 1.5, 2, 2.5 and 3. The government has divided the nation into seven zones, with the level of each zone determined based on the average number of daily infect

Nov. 1, 2020

Moon appoints new minister for food and drug safety

President Moon Jae-in on Sunday appointed Vice Health Minister Kim Ganglip, known for his daily coronavirus briefing, as the new minister for food and drug safety in a reshuffle that also affected 11 other vice minister-level posts. Moon also appointed Vice Labor Minister Lim Seo-jeong as senior presidential secretary for jobs and Park Jin-kyu, a former presidential secretary for New Southern and New Northern policies, as vice minister of trade, industry and energy, Cheong Wa Dae spokesman Kang

Nov. 1, 2020

Prosecution raids two brokerages over high-profile financial scam case

The prosecution on Friday raided two brokerage houses in connection with a snowballing financial fraud scandal involving a hedge fund, officials said. Investigators from the Seoul Southern District Prosecutors Office raided the headquarters of Shinhan Investment Corp. and Korea Investment & Securities Co. in western Seoul to secure materials related to Lime Asset Management. Shinhan faces disciplinary action from the Financial Supervisory Service for misselling Lime funds. Lime is under

Oct. 30, 2020

PM calls for response readiness against COVID-19 on Halloween weekend

The prime minister on Friday called on state and local health authorities to maintain response readiness against potential COVID-19 cluster transmissions during the upcoming Halloween weekend.   "I ask that related agencies and local governments focus all their efforts on antivirus work so that the Halloween weekend does not end up becoming a source of a mass virus spread," Prime Minister Chung Sye-kyun said during a government meeting.   The meeting of the Centra

Oct. 30, 2020

Justice ministry begins inspection of Seoul prosecution office over financial scam probe

The Ministry of Justice has begun inspecting the prosecution's decision in 2018 to drop charges against an asset management firm that is now at the center of a snowballing financial scandal, legal sources said Thursday. The ministry's inspection team on Wednesday secured the Seoul Central District Prosecutors Office's internal document regarding its 2018 probe into Optimus Asset Management, according to the sources. The move came a day after Justice Minister Choo Mi-ae ordered the ministry to

Oct. 29, 2020

Ruling party urges government to change capital gains tax plans

The ruling Democratic Party appears to be moving against the government over sensitive tax reform issues in response to a public outcry. Speaking on the Democratic Party’s official YouTube channel Thursday, party Chairman Lee Nak-yon hinted that the party would negotiate with the government to alter the proposed changes. “The comments are about the requirements of (being categorized as) major shareholders who are subjected to capital gains tax, to abolish the 300 million won (st

Oct. 29, 2020

Ruling party unveils plan to compete in Seoul, Busan mayoral elections next year

The ruling party on Thursday unveiled a plan to field candidates in the mayoral by-elections in Seoul and Busan next year. The April 7 by-elections for mayoralties in the country's two largest cities are seen as a major barometer of public opinion ahead of the presidential election in March 2022. But the Democratic Party has long remained unsure whether to take part in the elections, as its internal rule prohibits it from fielding a candidate in a by-election if the by-election is caused by a

Oct. 29, 2020

Lawmakers postpone audit of Cheong Wa Dae over absence of key officials

The ruling and opposition parties agreed Thursday to put off their annual audit of Cheong Wa Dae's work at the parliament due to the absence of Suh Hoon, director of national security, and some other key aides to President Moon Jae-in. The National Assembly's Steering Committee was scheduled to open the hearing on the presidential office's affairs in the morning of the day. The previous night, however, Suh informed the panel that he could not attend the session, as he is in a two-week self-qua

Oct. 29, 2020

Rival parties argue over body search on opposition floor leader

Rival parties on Thursday argued over a body search on the People Power Party Floor Leader Joo Ho-young by a member of the Presidential Security Service against his will, Wednesday. When Joo arrived at the office of the National Assembly speaker on Wednesday morning to meet with President Moon Jae-in before his parliamentary speech on the state budget, a PSS official told Joo that he had to be searched. “I told him I am the opposition PPP’s floor leader, but (the PSS official) said

Oct. 29, 2020

More Mt. Bukak trails to be opened to citizens: Cheong Wa Dae

The northern side of an ancient fortress wall on Mount Bukak, just behind the presidential compound in Seoul, will be open to citizens as a new trail course starting in November, 52 years after it became an off-limits zone for security reasons, Cheong Wa Dae announced Thursday. "Mount Bukak will return to the arms of citizens," it said in a press release on the plan to allow them to trek the area beginning Sunday. It's part of Cheong Wa Dae's move to fully open the mountain to the pu

Oct. 29, 2020

Moon says S. Korea to keep working with WHO, int'l community on coronavirus

President Moon Jae-in reaffirmed South Korea's commitment Thursday to continued cooperation with the World Health Organization (WHO) and the international community against COVID-19. He was replying to a Twitter message by WHO Director-General Tedros Adhanom Ghebreyesus regarding Seoul's "effective" handling of the pandemic. Moon thanked him for speaking highly of what South Korea has done so far. "Korea's response has been relatively successful thanks to our people who have tu

Oct. 29, 2020

Moon says 2021 budget will lay grounds for ‘leading economy’

President Moon Jae-in on Wednesday pledged to focus on economic recovery, and to forge ahead with the Korean New Deal in order to reinvent Korea as a “leading economy.” “The 2021 budget bill the government is submitting is a budget for ‘overcoming the era of crisis to rise as a leading nation,’” Moon said. “The priority is given to quickly overcoming the crisis to support people’s livelihoods, and to achieve rapid and strong economic recovery. I

Oct. 28, 2020

Prosecution traces down alleged slush fund by Optimus CEO in fraudulent fund scheme case

The prosecution is said to have been tracking down secret money allegedly hidden by the CEO of a financial company involved in a fraudulent fund scheme scandal, industry sources said Wednesday. Prosecutors have secured testimony from a person familiar with the matter that Optimus CEO Kim Jae-hyun had stashed away around 20 billion won ($17.7 million) in a real estate development company, which is constructing a resort in Incheon with an aim to finish in February 2022, according to the sources.

Oct. 28, 2020

Opposition raises call for special probe of financial scams

The main opposition party doubled down on its demand for a special counsel investigation into high-profile financial scam scandals Wednesday, chanting slogans as President Moon Jae-in arrived at the National Assembly to deliver a speech on next year's state budget. The leadership of the People Power Party (PPP) boycotted a meeting among leaders of three parties and Moon that was held ahead of the budget speech, in protest of Moon and the ruling Democratic Party's refusal to launch a special cou

Oct. 28, 2020

In budget speech, Moon says time for full-scale push to revitalize economy

President Moon Jae-in declared a full-fledged policy drive Wednesday for the clear recovery of South Korea's economy, coupled with the firm stabilization of the COVID-19 situation here. In his parliamentary speech on the state budget, Moon assured lawmakers that the government would create a record high budget, proposed for 2021, with a focus on creating jobs, reinvigorating the economy and winning the fight against the coronavirus. His administration has drawn up a 555.8 trillion-won ($469.8 b

Oct. 28, 2020

[US elections and Korea] US presidential election to bring changes, challenges for Seoul

The fate of US President Donald Trump and former Vice President Joe Biden will be decided in a week, but for South Korea difficulties lie ahead regardless of the winner. For South Korea, Special Measures Agreement issue -- the negotiations over Seoul’s share of the cost of maintaining US Forces Korea -- will be the most immediate issue, experts say. The talks began late 2019, but the two sides have so far failed to narrow their differences. The US is said to be requesting an increase

Oct. 27, 2020

Ruling party steps up push for new anti-corruption agency

The ruling Democratic Party of Korea is stepping up its push for the launch of a new investigation body for high-ranking public officials, a flagship project of President Moon Jae-in’s prosecution reform initiative, by proposing bills to amend related laws and seeking to move up the launch by a month. According to the National Assembly’s bill information site on Tuesday, 10 ruling party lawmakers jointly tabled 13 bills on Monday to create a legal framework for the Corruption Inv

Oct. 27, 2020

Moon requests Canada's backing for S. Korea in WTO chief race

President Moon Jae-in had phone talks with Canada's Prime Minister Justin Trudeau on Tuesday mainly as part of efforts to broaden international support for South Korean Trade Minister Yoo Myung-hee's candidacy to lead the World Trade Organization (WTO). In the conversation that lasted around 25 minutes, Moon and Trudeau exchanged opinions on issues of mutual concern, which include the WTO chief race, cooperation in the response to the new coronavirus and partnerships on the global stage, accord

Oct. 27, 2020

Presidential panel members call for increasing medical school quotas

Public interest members of a presidential panel on social dialogue on Tuesday issued written advice calling for increasing quotas at local medical schools starting in 2022. In the controversial recommendation, Seoul National University professor Kim Yoon and five other public interest members of the Economic, Social & Labor Council's health care committee said that expansion of medical school quotas is inevitable to raise the number of doctors in South Korea to the average of member countri

Oct. 27, 2020