Presidential Chief of Staff Kang Hoon-sik said on the 2nd, “A fundamental reflection is needed on whether the current stock price manipulation detection system and reward system are truly effective,” and instructed to review measures to significantly strengthen the whistleblower reward system.
Chief of Staff Kang made these remarks during a senior secretary meeting at Cheong Wa Dae on the afternoon of the same day, as conveyed through a written briefing by Deputy Spokesperson Ahn Gwi-ryeong. Kang cited the U.S. “Ericson incident,” where whistleblowers are rewarded with up to 30% of illicit profits without an upper limit, stating, “A bold system has made stock price manipulation a path to ruin.”
In contrast, he pointed out that in South Korea, even if one reports stock price manipulation worth hundreds of billions of Korean won, the reward cap is limited to 3 billion Korean won, and there exists a siloed administrative system where whistleblowers cannot receive rewards if they report to the police instead of the Financial Services Commission due to budget jurisdiction issues. Kang emphasized, “The entities most feared by stock price manipulation groups are insiders who know their wrongdoings in detail,” and urged relevant agencies, “Please review practical institutional improvement measures to serve as a powerful incentive to awaken hidden insiders.”
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