President Lee Jae-myung Calls for Strict Penalties on Illegal Short Selling

On July 3, President Lee Jae-myung presided over the second senior secretary meeting at the presidential office in Yongsan, Seoul. During the meeting, he addressed the recent hacking incident involving SK Telecom, stating, "Victims should not suffer losses due to the company's fault during the contract termination process."

President Lee received updates on the incident's response from the National Security Office and the AI Future Planning Office. His spokesperson, Kang Yu-jeong, reported that the president emphasized the need for adequate compensation for the public and urged a legal interpretation that favors the victims.

Kang noted, "While the exact implementation remains uncertain, the president indicated that the interests of the public, particularly regarding the penalties for contract termination due to the SK Telecom hacking incident, must be maximized."

Additionally, President Lee called for a swift response to unfair trading in the capital market, insisting that severe penalties for market disruptors should be publicly announced. He stated, "Fines for illegal short selling should be imposed at the highest levels."

He further instructed that all possible measures, including legal amendments, should be utilized to stabilize the stock market and rapidly enhance the value of the Korean stock exchange.

In a separate engagement, President Lee spoke with NATO Secretary General Mark Rutte, discussing ways to deepen the partnership between South Korea and NATO. Rutte congratulated President Lee and expressed gratitude for the South Korean government's commitment to cooperation with NATO, conveyed through the National Security Office due to their missed meeting at the NATO summit.

President Lee congratulated Rutte on the successful NATO summit held last week and reaffirmed the South Korean government's commitment to strengthening the partnership with NATO amid complex global crises.