|President Park Geun-hye visits an agricultural market run by the National Agricultural Cooperative Federation in southern Seoul on Thursday. (Chung Hee-cho/The Korea Herald)|
The government will prepare measures to further clamp down on stock manipulation as part of President Park Geun-hye’s all-out fight against the financial offense, Cheong Wa Dae said Wednesday.
The Financial Services Commission, the Financial Supervisory Service and the National Tax Office will prepare a package of measures to improve the system of investigation, prosecution and punishment of offenders, presidential spokeswoman Kim Haing said.
The decision, made during a meeting of senior secretaries, was a follow-up to Park’s remarks during the first Cabinet meeting last week in which she called for ways to end stock manipulation that “forces individual investors into despair” by better systemizing and achieving transparency in stock trading.
The move is part of Park’s pledge to regularize the underground economy and establish social justice in line with the overall economic democratization policy.
The relevant authorities were already seen making moves, such as the FSC which said Tuesday it was considering imposing fines for stock price rigging, as opposed to the current punitive measures under the Justice Ministry’s jurisdiction. The FSS said it was considering expanding the team in charge of stock manipulation investigation.
The government will also work to speed up the passage of the bills related to fair trading currently pending at the National Assembly within next month.
By Lee Joo-hee (email@example.com