Jeong Eun-kyeong, Minister Candidate, Clarifies Allegations of Stock Price Gains from COVID-19 Beneficiary Stocks

Minister candidate Jeong Eun-kyeong faced intense scrutiny from the opposition during her confirmation hearing.

The People Power Party raised suspicions regarding unjust gains through so-called "COVID-19 beneficiary stocks" held by Jeong's husband. In response, Jeong firmly denied having made any profits from stock price gains through these beneficiary stocks.

**No profits from stock price gains through COVID-19 beneficiary stocks**

The hearing also brought up the potential violation of agricultural land laws concerning land owned by Jeong's family in Gangwon Province.

The People Power Party alleged that the candidate's family owns farmland without directly farming it.

Jeong explained, "My husband has been farming with a family of acquaintances he got to know while working as a public health doctor in the late 1980s for 30 years. We practiced organic farming and self-sufficient agriculture. In Gangwon Province, we farm from April to October, so in 2019, we planted rice, and recently, we've been growing vegetables and tree seedlings."

**Clarification on stock-related allegations and conflict of interest controversies**

The People Power Party specifically raised suspicions that Jeong's husband profited from stock price gains by holding shares in Changhae Ethanol and Seegene during the COVID-19 pandemic.

They pointed out the possibility of a conflict of interest due to Jeong's position as the Commissioner of the Korea Disease Control and Prevention Agency at that time.

In response, Jeong stated, "I sold all mask-related stocks in 2018, and I do not hold any medical device stocks. I have never held shares in Seegene." She further clarified, "I have been aware of Changhae Ethanol since 2016 as an alcohol company and have not sold a single share since then, so the claim of profits is not true."

However, she admitted, "I was unaware that Changhae Ethanol expanded its business to hand sanitizers during the COVID-19 outbreak in 2020, and if I had known, I would have taken the necessary measures," expressing regret for not thoroughly examining the conflict of interest issue.

**Debate over submission of documents and future response**

The People Power Party strongly protested that there was insufficient submission of trading documents related to Jeong's husband's stocks.

Kim Mi-ae, a secretary of the People Power Party, stated, "If a COVID-19 hero does not want to feel embarrassed, we request documents to dispel the allegations." Lawmaker Ahn Sang-hoon also urged, "To ensure that the hearing focuses on policy inquiries, please manage the submission of at least minimal documents for verification."

In this regard, Jeong explained, "I submitted stock trading records from 2016 onwards, along with dividend records. I only have a securities trading account with Kiwoom Securities, and because my spouse is currently at work, I couldn’t confirm it, but I will submit it today as soon as I can."

Chairman Park Ju-min also requested the prompt submission of additional documents.

Image source: Jeong Eun-kyeong, Minister Candidate / News1, News1