It was learned on the 28th that the Ministry of Planning and Budget is pushing a plan to set up a separate fund to expand the resources for "reporting rewards." It started with an order from the president.
President Lee Jae-myung posted on X (formerly Twitter) on Feb. 25, "Now, if you report stock price manipulation, you can receive tens of billions, hundreds of billions of won as a reward. It's certainly easier than the lottery to turn your life around." He said this while praising the Financial Services Commission for raising the reporting reward for stock price manipulation to up to 30% of the illicit gains with no cap. He also said, "We will consider paying rewards even to participants (in stock price manipulation)," signaling additional measures.
The day before, on Feb. 24, the president also said at a Cabinet meeting, "If (collusion is) reported, give a big enough reward to change a life, to turn one's fate." He continued, "If (someone reports) a 400 billion won collusion case, give several tens of billions of won," adding, "Make it so shocking that people think, instead of playing the lottery, let's dig into collusion."
Reporting rewards are paid to citizens who report illegal acts carried out covertly. The aim is to encourage whistleblowing. But there has been criticism that the reward amounts are too small to achieve their intended purpose. For example, if corporations or individuals engaged in tax evasion are reported to the National Tax Service, a tax evasion...
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