[Editorial] Independent probe needed

Suspicions around two fraudulent investment funds are spreading to the presidential office and the ruling party. The prosecution’s investigation into the scandals recently moved into the spotlight again with the testimony of Kim Bong-hyun, the former Star Mobility chairman believed to be the main financial source for Lime Asset Management Co. He is a key suspect in the Lime fund investment scam estimated to have cost 4,000 investors about 1.5 trillion won ($1.3 billion). Kim testified a

Oct. 15, 2020

[Editorial] Cautious hope

Recent moves between South Korea and Japan have raised a cautious hope that their bilateral relationship, which has plummeted to the lowest level in decades, may begin to improve to the benefit of both sides. Japanese Prime Minister Yoshihide Suga, who took office in September, has made it clear that he will follow policies pursued by his predecessor Shinzo Abe. Still, pundits here say that Suga’s practical leadership could help provide a momentum for enhancing Seoul-Tokyo ties, which w

Oct. 14, 2020

[Editorial] Inequitable treatment

Controversy swirls around a ruling party bill to give preferential treatment to past pro-democracy activists and their families. The bill to enact the law on the preferential treatment of former pro-democracy activists was proposed by Rep. Woo Won-shik of the Democratic Party of Korea and 19 other lawmakers on Sept. 23. It targets 829 people who died, went missing or were disabled in connection with pro-democracy movements, and their families. They are among pro-democracy activists found eligi

Oct. 13, 2020

[Editorial] Ill-timed initiative

President Moon Jae-in last week expressed hope that South Korea and the US would work together toward the declaration of a formal end to the 1950-53 Korean War, which ended in an armistice. In a video speech for the annual gala of the Korea Society, a New York-based private organization, he said it would “indeed pave the way for peace” on the peninsula and make the Seoul-Washington alliance “even greater.” As noted by critics, his remarks appear to be ill-timed and take

Oct. 12, 2020

[Editorial] Let firms loose

Business lobbies vowed to try to block legislation of three business regulation bills on Wednesday. Their joint response reflects their sense of crisis and the urgency of the legislation situation. The government has proposed bills to revise the commercial law and the fair trade law and enact the financial group supervision law. It trumpets them as “a trio of fair economy bills.” But Sohn Kyung-shik, chairman of the Korea Enterprises Federation, warned that “they regulate bu

Oct. 9, 2020

[Editorial] Flawed scheme

The Ministry of Economy and Finance this week announced plans to introduce fiscal rules in 2025 amid growing concerns over the country’s soaring national debt. A bold increase in government spending is somewhat inevitable to help cushion the economic impact of the prolonged coronavirus crisis. But even before the outbreak of the pandemic here early this year, President Moon Jae-in’s administration indulged in reckless spending to finance what critics see as populist welfare and empl

Oct. 8, 2020

[Editorial] Hypocritical virus control

The government and the ruling party come out looking hypocritical with regard to the guidance to prevent the spread of COVID-19.　 Despite a special travel advisory from the Ministry of Foreign Affairs, which asks people to avoid going abroad due to coronavirus concerns, Lee Yill-byung, the husband of Foreign Minister Kang Kyung-wha, traveled to the US on Oct. 3, presumably to buy a yacht. The US is a high-risk country where the number of coronavirus cases has topped 7.3 million. Even President

Oct. 7, 2020

[Editorial] Calm Posture

The news of US President Donald Trump having contracted the coronavirus has prompted concerns here over the effect his illness could have on the security situation on the peninsula, with inter-Korean ties strained amid stalled denuclearization talks between Washington and Pyongyang. It is hoped that dire scenarios will be averted by Trump’s quick recovery from COVID-19. And the US government should be counted on to function without a significant hitch even if his condition becomes worse t

Oct. 6, 2020

[Editorial] Sophistry or lies?

Justice Minister Choo Mi-ae has strongly denied that her son received preferential treatment in extending his leave when he served as a member of the Korean Augmentation to the US Army.　 News media and lawmakers had raised suspicions that her son was granted an extended leave -- two periods of sick leave and one regular leave successively -- in June 2017 thanks to her aide’s phone calls to his unit. At that time, she was chair of the ruling Democratic Party of Korea. She has argued on se

Oct. 5, 2020

[Editorial] Strategic path

Top diplomats from the US and China are scheduled to visit Seoul in October with South Korea being pulled in by the two superpowers amid their escalating rivalry. Diplomatic sources here say US Secretary of State Mike Pompeo will come to Seoul next week for a two-day visit, which will soon be followed by Chinese Foreign Minister Wang Yi’s trip here. Their back-to-back visits may be the latest indication of the growing pressure Washington and Beijing are putting on Seoul to stand by eithe

Sept. 30, 2020

[Editorial] Regulations pile up

The government and the ruling Democratic Party of Korea keep tightening business regulations. They appear determined to demotivate companies. Business circles appealed to them for days to reconsider three “fair economy” bills. But they are adamant. The ruling party is poised to pass them through the National Assembly. Under the banner of a fair economy, they proposed bills to revise the commercial law and fair trade law, and enact the financial group supervision law, but companie

Sept. 29, 2020

[Editorial] Improper response

The response of President Moon Jae-in’s government to the killing of a South Korean civil servant by North Korean troops near the tense sea border last week has amplified criticism of its blind preoccupation with inter-Korean reconciliation. The South’s Joint Chiefs of Staff said Thursday that the 47-year-old official was shot to death and set on fire by the crew of a North Korean patrol boat Tuesday after drifting into the North’s waters across the western maritime border. He

Sept. 28, 2020

[Editorial] Pork barreling vs. true relief

The ruling and opposition parties passed this year’s fourth extra budget bill, but neglected the principle behind it: that relief programs should be concentrated on those hit the hardest by the recent resurgence of the new coronavirus.　 Thankfully, they scaled down a controversial plan to provide a 20,000 won ($17) subsidy for telecom charges to all people aged 13 and older. The ruling Democratic Party of Korea and the main opposition People Power Party agreed to slash the budget for th

Sept. 25, 2020

[Editorial] Ulterior motive

For the first time in one and a half years, President Moon Jae-in this week presided over a meeting to discuss reforming the country’s prosecution, police and top intelligence agency. He was flanked by Justice Minister Choo Mi-ae when he walked into the conference room at Cheong Wa Dae, where other participants, including Interior and Safety Minister Chin Young and National Intelligence Service chief Park Jie-won, were waiting for his arrival. The scene appeared to draw more attention fr

Sept. 24, 2020

[Editorial] Legislate prudently

Three economic bills pushed by the government and the ruling Democratic Party of Korea are making businesses nervous. They are amendments to the commercial law and the fair trade law, and a proposed act on the supervision of financial groups. Businesspeople are bewildered that Kim Chong-in, the interim leader of the main opposition People Power Party, agreed to the bills in principle. They believed the conservative pro-business party would oppose the bills. Kim said if there are any unreasonab

Sept. 23, 2020

[Editorial] Realistic viewpoint

During a visit to a 1950-53 Korean War battlefield Saturday, Defense Minister Suh Wook said military tensions on the peninsula have eased due to the implementation of an inter-Korean agreement signed two years ago. In his inaugural speech the day before, South Korea’s new defense chief vowed to fully implement the 2018 military accord with North Korea in line with Seoul’s efforts to build lasting peace on the peninsula. Signed on the occasion of President Moon Jae-in’s second

Sept. 22, 2020

[Editorial] Fulfilling duties

A recent audit of the presidential office may look unusual, but the Board of Audit and Inspection just carried out its responsibilities. It should be able to keep doing so.　 Last week the board announced the results of an audit and revealed that presidential committees had paid illegal salaries to President Moon Jae-in’s close associates.　 The Presidential Committee for Balanced National Development paid Song Jae-ho 4 million won ($3,400) in “advisory fees” each month from Ja

Sept. 21, 2020

[Editorial] Balanced approach

During his visit to the truce village of Panmunjom on Wednesday, Unification Minister Lee In-young expressed hope for the resumption of “open-minded” dialogue between the two Koreas at an early date. The visit came days ahead of the second anniversary of the summit between South Korean President Moon Jae-in and North Korean leader Kim Jong-un in Pyongyang. During their second encounter in 2018, Moon and Kim agreed to reduce tensions on the peninsula and bolster cross-border coopera

Sept. 18, 2020

[Editorial] Youn on trial

The prosecution on Monday indicted Rep. Youn Mee-hyang of the ruling Democratic Party of Korea, on charges of embezzling funds for elderly victims of wartime sexual slavery. She faces eight counts of embezzlement, fraud and related charges. Many suspicions swirled around her and an advocacy group she led for the women who were taken into front-line Japanese military brothels during World War II. Korea was a Japanese colony at that time. She has denied all of the suspicions, but the results

Sept. 17, 2020

[Editorial] Worrying mix

Rising household debt coupled with declining employment is posing a potentially severe problem to the country’s financial sector and by extension its real economy. Recent data show South Korea’s household credit has been increasing rapidly since the coronavirus outbreak early this year, while employment conditions continue to worsen amid the pandemic crisis. The on-month increase in household loans by local banks and nonbank lenders accelerated from 2.8 trillion won ($2.3 billion)

Sept. 16, 2020