Revived probe team should deal with fund scandal first
The prosecution has reinstated the Financial and Securities Crime Joint Investigation Team to crack down on increasingly intelligent stock market crimes. Justice Minister Han Dong-hoon ordered its reinstallation as soon as he took office Tuesday, and the team began business the following day. The joint investigation team was once called the "Grim Reaper of Yeouido" among stockbrokers operating in Seoul's main financial district. In January 2020, however, former Justice Minister Choo Mi-ae disbanded it to reduce direct investigations by prosecutors under the Moon Jae-in government's drive to reform the prosecution.
At the time of its dissolution, the team was investigating a high-profile securities scandal involving the Lime and Optimus funds amid allegations of some influential politicians being implicated in these financial schemes, which were based on bad investments, Ponzi scheme funding structures and alleged fraud. After the abolition of the team drained the investigation, all of the political bigwigs suspected of involvement escaped the long arm of the law without an indictment. The financial and judiciary communities harshly criticized the dismantling of the team probing the scandal, since the crimes were highly sophisticated and damages amounted to 2 trillion won ($1.57 billion).
The ex-justice minister cited corruption within the joint probe team as the reason for its disbandment. However, opponents denounced Choo's claim as exaggerated and far-fetched, saying most prosecutors and investigating officers were far more professional and competent than general investigation teams. The revived team consists of 48 professionals, including prosecutors, investigators and officials dispatched from financial, securities and tax agencies. They should work hard to restore the team's old reputation by actively tackling the backlog of investigations left in limbo.
Many people, particularly on the ruling People Power Party side, still question whether Choo's dismantling of the joint investigation team was aimed at blocking probes into political heavyweights under the Moon administration. Such suspicions grew larger because a number of politicians suspected of involvement in the scandal were influential figures in the previous administration. The new minister must demand a reinvestigation into the scandal. Han, who called for applying the same standard if corruption is found in the new government, should ward off external pressure. The resurrected team should start by revisiting the fund scandal and clear up all suspicions.
The prosecution has reinstated the Financial and Securities Crime Joint Investigation Team to crack down on increasingly intelligent stock market crimes. Justice Minister Han Dong-hoon ordered its reinstallation as soon as he took office Tuesday, and the team began business the following day. The joint investigation team was once called the "Grim Reaper of Yeouido" among stockbrokers operating in Seoul's main financial district. In January 2020, however, former Justice Minister Choo Mi-ae disbanded it to reduce direct investigations by prosecutors under the Moon Jae-in government's drive to reform the prosecution.
At the time of its dissolution, the team was investigating a high-profile securities scandal involving the Lime and Optimus funds amid allegations of some influential politicians being implicated in these financial schemes, which were based on bad investments, Ponzi scheme funding structures and alleged fraud. After the abolition of the team drained the investigation, all of the political bigwigs suspected of involvement escaped the long arm of the law without an indictment. The financial and judiciary communities harshly criticized the dismantling of the team probing the scandal, since the crimes were highly sophisticated and damages amounted to 2 trillion won ($1.57 billion).
The ex-justice minister cited corruption within the joint probe team as the reason for its disbandment. However, opponents denounced Choo's claim as exaggerated and far-fetched, saying most prosecutors and investigating officers were far more professional and competent than general investigation teams. The revived team consists of 48 professionals, including prosecutors, investigators and officials dispatched from financial, securities and tax agencies. They should work hard to restore the team's old reputation by actively tackling the backlog of investigations left in limbo.
Many people, particularly on the ruling People Power Party side, still question whether Choo's dismantling of the joint investigation team was aimed at blocking probes into political heavyweights under the Moon administration. Such suspicions grew larger because a number of politicians suspected of involvement in the scandal were influential figures in the previous administration. The new minister must demand a reinvestigation into the scandal. Han, who called for applying the same standard if corruption is found in the new government, should ward off external pressure. The resurrected team should start by revisiting the fund scandal and clear up all suspicions.
