Journalist

Park Yong-jun
  • Gangnam Real Estate Prices Rise After Transfer Tax Exemption Ends
    Gangnam Real Estate Prices Rise After Transfer Tax Exemption Ends The real estate market is difficult to read. Buying a home is equally challenging. The government’s policies are no exception. This is where the complex nature of real estate begins. The administration of President Lee Jae-myung has focused on stabilizing housing prices, starting with Gangnam. Since taking office, President Lee has prioritized housing price stability, stating, "We will do whatever it takes to control housing prices." He implemented a series of measures, including land transaction permission zones, total loan management, and the resumption of increased transfer taxes for multiple homeowners. Gangnam was the primary target, as it symbolizes Seoul's housing market and serves as a testing ground for regulatory effectiveness. On February 3, he shared a report on social media indicating an increase in listings in the three Gangnam districts, calling out reports claiming no effect or lack of inventory as false. However, after the third week of February, apartment prices in the three Gangnam districts began to decline, with Gangnam experiencing 12 weeks of stagnation or decline. Analysts noted that the layered regulations were holding back the Gangnam area, leading to comments that this government was different, suggesting that the policies were effective. However, the market responded differently. On May 9, the exemption for increased transfer taxes on multiple homeowners ended. In the second week of May, apartment prices in Gangnam rose by 0.19%. The belief that the policies were working was shaken, as expectations that taxes would bring inventory to the market in Gangnam also faltered. Of course, a single week of price increase cannot determine the success or failure of a policy. What matters is not just the rate of increase, but why Gangnam began to move right after the end of the transfer tax exemption. This timing itself illustrates the paradox of the policy. The moment when taxes lock away inventory Taxes present sellers with two choices: sell now and pay taxes, or hold off on selling. If the tax rate is manageable, taxes encourage sales, prompting sellers to list properties before the holding costs become burdensome. This was the effect the policy aimed to achieve before the end of the transfer tax exemption. However, when the highest tax rate, including local income tax, reaches 82.5%, the calculations change. When sellers feel they will gain nothing from selling, taxes become a deterrent rather than an incentive. The paradox arises where heavier taxes do not increase inventory but instead lock it away. Properties that were listed before the exemption ended were quickly sold. However, homeowners who remained after the exemption ended took a different approach. According to the real estate big data platform Asil, over 6,800 listings for Seoul apartments disappeared within a week after the exemption ended. The decline was particularly rapid in non-Gangnam areas such as Guro District (-16.6%), Gangbuk District (-15.2%), and Seongbuk District (-14.1%). As the number of available properties decreased, buyers faced fewer options. In a market where demand remains, a reduction in supply strengthens price support. In real estate, supply does not only refer to new apartment deliveries; existing housing inventory also constitutes market supply. When taxes fail to motivate sellers and lock away inventory, market supply diminishes. While the government aimed to suppress demand, the actual market saw a decrease in supply first. When taxes exceed the threshold of pressuring sales, they become a mechanism that locks away inventory. The recent rebound in Gangnam illustrates where that boundary lies. This paradox is not new. The real estate policies of the Roh Moo-hyun and Moon Jae-in administrations were also subject to this cycle. Regulations aimed at suppressing demand reduced transactions, and the decrease in transactions increased scarcity, a pattern that has repeated multiple times. As regulations intensified, the incentive for sellers to hold onto their properties grew. When taxes and loan regulations push demand out of the market, that demand does not disappear but rather lies dormant. At the moment a small crack appears, it returns to prices. The recent rebound in Gangnam occurred within this familiar cycle. Gangnam was not a leader but a last bastion More important than the fact that Gangnam prices have risen is that Gangnam was the last area to do so. For a long time, Gangnam has served as a leading indicator in Seoul's real estate market. Prices in Gangnam would rise first, followed by Mapo, Yongsan, and Seongdong, before warmth spread to the outskirts of Seoul and the metropolitan area. However, this time the order was different. Seoul moved first, and Gangnam joined last. According to the Korea Real Estate Agency, the average increase in the 11 districts of Gangnam was 0.24%, while the average increase in the 14 districts of Gangbuk was 0.32%. Seongbuk District saw a 0.54% increase, and Jongno District recorded a 0.36% increase, marking the highest weekly rates since records began in 2012. While Gangnam's 0.19% increase is notable, the speed of growth in Gangbuk and non-Gangnam areas is even more significant. While Gangnam remained stagnant for 12 weeks, districts like Gangseo, Seongbuk, and Gwanak in non-Gangnam areas built momentum that surpassed the average for Seoul. Gangnam may have been restrained, but it could not contain the upward pressure across the broader Seoul market. This does not mean that Gangnam has collapsed. On the contrary, it suggests that in this phase, Gangnam has become a last line of defense rather than the starting point of a rise. The fact that Gangnam has begun to move again indicates that the symbolic price level, which the government regulations had held, is now shaking. The rental market had already begun to signal this shift. According to Asil, the number of rental listings in Seongbuk District dropped to 174 on May 14, down from 1,027 a year ago, representing a sixth of the previous level. When rental inventory decreases, tenants face fewer choices. They may have to accept higher rents, switch to monthly rentals, or return to buying. This pressure has also affected the sales market. In Seongbuk District, the Gileum New Town 9 Complex's 84 square meter units have repeatedly set new price records this year, indicating that buying interest in non-Gangnam areas has already begun to heat up. By the second week of May, apartment rental prices in Seoul had risen by 2.89%, continuing a streak of 66 weeks of increases. This is not just a sales issue but a broader cost of living concern. While news of Gangnam's price increase has only recently made headlines, the market had already been moving under the pressures of rental shortages and rising prices in non-Gangnam areas. Demand in Gangnam cannot be explained solely by investment interest. It is driven by structural factors such as school districts, proximity to workplaces, and expectations of redevelopment. Such demand does not simply vanish due to taxation. When it remains outside the market, it returns once price cracks appear. Regulations targeting Gangnam reduce the number of properties available for sale, thereby increasing Gangnam's scarcity. The number of buyers remains while the number of sellers decreases, creating a structural imbalance. Concerns about supply also linger. According to Real Estate R114, the number of new apartments in Seoul is expected to decrease from around 17,000 this year to about 8,000 by 2028. If tax changes were the direct catalyst for the rebound in Gangnam, the rental crisis and supply shortages had already been exerting structural pressure on the market. The warning left by the May rebound in Gangnam The May rebound in Gangnam is not merely a one-week price fluctuation. It signals how taxes operate in the market. The government aimed to draw inventory into the market through taxation, but instead, inventory decreased after the exemption ended. When taxes fail to change seller behavior, regulations result in locking away supply rather than suppressing demand. The next variable is the tax reform expected in July, which includes strengthening property taxes for non-resident homeowners and reducing long-term holding exemptions. However, the lesson from the recent transfer tax situation is clear. It is more important to ensure that actual inventory comes to market than to impose heavier taxes. If sellers' calculations shift back to "holding rather than selling," the market is likely to respond in kind. Taxes can be a tool to suppress housing prices. However, once they lock away inventory, they become a mechanism that supports prices. The warning left by the May rebound in Gangnam lies here: the critical factor is not the intensity of the tax but whether it draws sellers into the market or keeps them locked out. 2026-05-18 06:56:11
  • Middle East Risks Prompt Government to Double Consulting Support for Overseas Construction Disputes
    Middle East Risks Prompt Government to Double Consulting Support for Overseas Construction Disputes As instability in the Middle East continues, risks in the overseas construction market are escalating beyond poor contract awards to include project delays, payment issues, and contract disputes. The government has decided to expand consulting support for small and medium-sized construction firms facing overseas construction disputes, allocating an additional 400 million won through a supplementary budget. According to the Ministry of Land, Infrastructure and Transport, the government will secure 400 million won through the supplementary budget to enhance the "Integrated Consulting Support Project for Overseas Construction." This initiative provides legal, labor, and tax support for small and medium-sized construction firms that have registered for overseas construction. The ministry has increased expert consultation hours from 12 to 24 hours and has included labor consulting in the support services starting this year. The government's decision to expand support comes as geopolitical risks from the Middle East are likely to lead to increased costs and contract disputes in overseas construction projects. With rising oil prices, raw material costs, and logistics expenses due to instability in the region, there are growing concerns about conflicts between clients and contractors over project suspensions, delays, and payment issues. The flow of overseas construction contracts has already seen a sharp decline. According to the Overseas Construction Integrated Information Service (OCIS), the total value of overseas construction contracts in the first quarter of this year was $2.037 billion, a 75.2% decrease from $8.212 billion during the same period last year. This figure is also down 70.4% compared to the five-year average of $6.887 billion for the first quarter. Notably, contracts in the Middle East plummeted to $316.2 million, a staggering 93.6% drop from the previous year. Given the heavy reliance on the Middle East for overseas construction, the impact is significant. According to the Ministry of Land and the Korea Overseas Construction Association, the total value of overseas construction contracts last year reached $47.27 billion, the highest in 11 years since 2014. Of this, contracts in the Middle East accounted for approximately $11.9 billion, or 25.1% of the total. The Middle East has long been a key market for domestic construction firms, particularly in the plant and infrastructure sectors. The risks extend beyond just a decrease in new contracts. Ongoing projects are facing challenges related to logistics disruptions, workforce management, material procurement, and fluctuations in exchange rates and oil prices, which can lead to increased costs and project management issues. Prolonged construction periods heighten the likelihood of disputes over penalties for delays, contract modifications, and additional cost approvals between clients and contractors. Small and medium-sized construction firms are particularly vulnerable to these disputes due to their lack of local legal and contractual expertise compared to larger firms. Overseas projects often involve complex interactions among force majeure clauses, requirements for extending deadlines, local labor and tax laws, and responsibilities for exchange rate and logistics costs. Delayed responses to these issues can result in significant losses. The Ministry of Land plans to provide comprehensive consulting services through this initiative, including reviews of problematic contract clauses, assessments of force majeure related to delays, responses to defaults, local tax law advice, financial procurement, and risk management. Eligible applicants are small and medium-sized enterprises engaged in overseas construction as defined by the Overseas Construction Promotion Act, and they can apply through the Korea Overseas Construction Association. An industry insider noted, "The Middle East risk is not just about delays in new contracts; it can also lead to issues with existing project timelines, costs, and payment recovery, which adds to the burden. Large firms have their own legal and contractual teams, but small and medium-sized firms often find themselves responding too late after disputes arise, increasing the demand for preemptive consulting services." Kim Yoon-deok, Minister of Land, Infrastructure and Transport, stated, "Given the unavoidable situation of war in the Middle East, we anticipate that small and medium-sized construction companies operating overseas will face significant challenges. The government will do its utmost to minimize the damage to our companies."* This article has been translated by AI. 2026-05-08 17:56:41
  • Seoul Apartment Auctions Reach 100% Bid Rate, Focus on Properties Under 1.5 Billion Won
    Seoul Apartment Auctions Reach 100% Bid Rate, Focus on Properties Under 1.5 Billion Won Last month, the number of apartment auctions nationwide reached its highest level in seven months, but the Seoul auction market exhibited a different trend. While the number of properties increased across the country, Seoul saw a decline in auction activity, although both the bid rate and the bid price ratio rebounded. The market for large apartment complexes valued at 1.5 billion won or less attracted significant interest, allowing Seoul's auction market to recover to a 100% bid rate following a correction in March. According to the April Auction Trends Report released on May 8 by the auction data firm Zigy Auction, the number of apartment auctions nationwide was 3,409, an increase of about 8% from 3,167 in the previous month. This marks the highest monthly total since September of last year, when there were 3,461 auctions. The national bid rate for apartments rose to 35.7%, up 0.8 percentage points from 34.9% the previous month. However, the bid price ratio fell to 87.0%, down 0.3 percentage points from 87.3% in March. Although the number of auction properties increased, the bid prices relative to appraised values decreased slightly, indicating that a widespread price recovery is not yet evident. In contrast, Seoul's auction market showed different dynamics. The number of apartment auctions in Seoul last month was 152, a decrease of about 6% from 161 in March. However, the bid rate increased to 48.7%, up 5.2 percentage points from 43.5% the previous month, reaching its highest level since November of last year, when it was 50.3%. The bid price ratio in Seoul also returned to above 100%, rising to 100.5%, an increase of 1.2 percentage points from 99.3% in March. This marks the end of a three-month decline. Zigy Auction noted that the decrease in available auction properties in Seoul, coupled with a higher proportion of first-round sales, contributed to the rise in the bid rate. This rebound should be viewed in the context of a market that has seen fluctuations following a strong start to the year. The bid price ratio for Seoul apartments exceeded 100% for four consecutive months from October last year to January this year. After a slowdown in February and March, when it dipped to 99.3%, it recovered to above 100% in April. This suggests that bidders are selectively targeting properties that meet specific criteria within the auction market. Notably, large apartment complexes valued at 1.5 billion won or less have driven this trend. Regionally, the bid price ratio in Gangdong-gu surged to 105.5%, an increase of 9.9 percentage points from the previous month, while Guro-gu saw a rise to 99.6%, up 7.2 percentage points. The demand appears to be concentrated on properties that meet financing capabilities, size, and location criteria, rather than a broad increase in demand for high-priced properties. The concentration on properties valued at 1.5 billion won or less may also be influenced by loan regulations. The Financial Services Commission has differentiated mortgage limits for housing purchases in the metropolitan area and regulated zones based on property prices. For homes valued at 1.5 billion won or less, the limit is 600 million won; for those between 1.5 billion and 2.5 billion won, it is 400 million won; and for homes over 2.5 billion won, it is 200 million won. In auctions, the ability to utilize post-auction financing becomes a key factor influencing bidding decisions. Regulations in designated land transaction areas also operate differently in the auction market compared to general sales. Under the Real Estate Transaction Reporting Act, auctions conducted under civil execution law are exempt from land transaction approval requirements. While general sales face burdens from approval and residency requirements, auctions bypass these procedures. However, unique variables such as rights relationships and post-auction financing conditions complicate direct comparisons with the general sales market. Among individual properties, a 84.9-square-meter apartment in Sin-gil-dong, Yeongdeungpo-gu, attracted the highest number of bidders, with 29 participants. This property was sold for 1.2 billion won, which is 109.1% of its appraised value of 1.1 billion won. The highest bid was for a hospital in Seocho-gu, which sold for 29.17889 billion won, or 83.0% of its appraised value of 35.15514 billion won. An industry insider commented, "In Seoul, when there are not many auction properties available, large complexes valued at 1.5 billion won or less tend to attract bidders easily. The interplay of financing capacity, land transaction regulations, and property-specific rights relationships makes it difficult to explain trends solely based on the general sales market."* This article has been translated by AI. 2026-05-08 14:40:11
  • April Apartment Sales Reach Highest Level in 3.5 Years
    April Apartment Sales Reach Highest Level in 3.5 Years Last month, the number of private apartment sales in South Korea reached its highest level in three and a half years. While supply surged, many analysts view this as a backlog of delayed projects rather than a true market recovery. However, there are signs of supply normalization as annual sales plans increase. According to an analysis by Realhouse, a property evaluation firm, 24,315 private apartments were supplied nationwide in April, marking a 117.3% increase from March's 11,188 units. This is the largest monthly figure since October 2022 and represents an 83.3% rise compared to the same month last year. The change is stark compared to earlier this year, with only 3,854 units in January and 5,342 in February. After recovering to over 10,000 units in March, April saw a leap past 20,000, indicating that previously delayed projects have finally come to market. The increase was primarily driven by regional developments. Supply in other provinces surged by 203.7% to 11,831 units, significantly outpacing the 106.0% increase in the metropolitan area. Gyeonggi Province also saw the largest growth, with 8,125 units. New supply resumed in regions like Chungbuk, Gangwon, Ulsan, and Jeonbuk, where sales had effectively stalled. This trend reflects a return of previously halted projects rather than new developments. Over the past two to three years, rising construction costs, financing difficulties, and unsold inventory pressures led many developers to delay sales. As financial burdens mounted, further postponements became untenable. A representative from a mid-sized construction firm stated, "In regional markets, the longer projects are delayed, the greater the financial burden, forcing them to supply in the first half of the year. It's more about previously held inventory hitting the market than a recovery in demand." The resumption of supply is seen as a normalization rather than an expansion. The increase in units comes from areas that had no supply last month, differing from a surge in new projects in specific regions. However, the burden of unsold inventory remains a concern. According to the Ministry of Land, Infrastructure and Transport, approximately 30,000 units are unsold post-completion, mostly concentrated in regional markets. If supply continues to grow without sufficient demand, future sales schedules could be disrupted again. Despite this, there are signs of improvement in supply trends. According to Real Estate R114, approximately 180,000 private apartment units are expected to be offered this year, an increase compared to last year, which faced significant supply shortages. Another industry insider noted, "The increase in April's supply is significant as it indicates that stalled projects are starting to move again. However, we need to see if this supply continues into the second half of the year to assess market recovery." 2026-05-08 12:13:05
  • Kim Keon Hee Gets 1 Year, 8 Months in Trial; Key Issues for Appeal
    Kim Keon Hee Gets 1 Year, 8 Months in Trial; Key Issues for Appeal A special prosecutor who sought a 15-year prison term for Kim Keon Hee ended up with a first-trial sentence of 1 year, 8 months. The Seoul Central District Court’s Criminal Division 27 found Kim not guilty of violating the Capital Markets Act (alleged conspiracy in the Deutsch Motors stock manipulation case) and the Political Funds Act, and convicted her only in part on charges of receiving money or valuables in return for influence under the Act on the Aggravated Punishment of Specific Crimes. The court dismissed some alleged 2010-2011 conduct under the capital-markets charge as time-barred. The special prosecutor’s three-step theory — “stock-manipulation conspiracy, presidential-election polling, and power-linked receipt of valuables” — did not hold in the ruling. The court narrowed the case away from stock manipulation and political funds and focused on the alleged receipt of valuables. The key questions now are where the prosecution’s conspiracy theory fell short and what variables could matter on appeal. Stock-manipulation ruling stopped short of finding a conspiracy In the Deutsch Motors case, the special prosecutor argued Kim conspired with a price-manipulation group, saying her accounts were not merely used but were part of executing the scheme. The court said there was room to believe Kim may have recognized the possibility her money could be used for price manipulation. But it drew a line between awareness and conspiracy. To treat her as a co-principal, the court said, her role throughout the crime and coordination with accomplices must be proven beyond a reasonable doubt — a standard it found unmet. The court also declined to treat the alleged manipulation as one continuous offense, instead dividing it by period and finding the statute of limitations had run on some parts. The court added that whether Kim aided and abetted was not before it because the indictment alleged only co-principal liability. Once conspiracy was rejected, the court said it had no basis to consider a lesser form of responsibility. Court cites lack of “exclusivity” in acquitting on polling allegations On the Political Funds Act charge, the special prosecutor argued that free services amounted to political funds, claiming multiple opinion polls were provided at no cost and should be treated as political contributions. The court applied a test it described as “exclusivity” — whether the benefit belonged only to a specific person. It said the prosecution needed to prove the poll results were provided exclusively to Kim and her husband and used for their political activity. But the court found the results were distributed to multiple people and said evidence was insufficient to recognize a written or implied contract. It also found the costs were covered through other channels. The court viewed the polls as part of business activity voluntarily carried out by a person identified as “Myung” to promote the Mirae Korea Research Institute and his own political analysis, and said the costs had already been covered, including about 240 million won received from local-election preliminary candidates. The court concluded that the mere fact no payment was made was not enough to label the polls political funds. Only influence-peddling conviction remains; sentence draws mixed views The remaining conviction involves allegations that Kim received an expensive bag and necklace from the Unification Church side in exchange for influence. The offense applies when someone accepts money or valuables on the pretext of conveying a matter tied to a public official’s duties or using influence; it does not require that a request be carried out. The court found an overall quid pro quo between requests for government-level support and the receipt of valuables. However, it said there was no sign Kim demanded the items first and found no evidence she tried to pass a request to the president to have it reflected in policy. The court also cited her lack of prior convictions and partial remorse. Assessments of the 1-year, 8-month sentence have differed, with some calling it light given the symbolic status of a first lady, and others saying it is not excessive given the acquittals on the stock-manipulation and political-funds charges. The ruling effectively framed the case not as a “comprehensive power-type crime” but as receiving valuables tied to status. Appeal may hinge on bolstering conspiracy claims and changing the indictment On appeal, the central issue is how tightly the special prosecutor can reinforce the conspiracy structure rejected at trial. A key variable is whether prosecutors will seek to amend the indictment to pursue aiding-and-abetting liability — an issue the trial court said was not in dispute and left undecided. But aiding and abetting can carry a narrower scope of responsibility than co-principal liability, potentially shifting the prosecution’s approach. If an appeals court reverses the trial court’s view that the alleged manipulation was not a single continuing offense, the starting point for the statute of limitations could also change, potentially affecting the time-barred dismissals. For the polling allegations, the question is how prosecutors would reconstruct “exclusivity,” including who effectively benefited and whether an implied contract can be further proven. In its ruling, the trial court quoted a phrase meaning “frugal but not shabby, splendid but not extravagant,” using it to criticize the first lady’s conduct. The appeal is expected to test whether that moral rebuke expands into a stricter legal finding of guilt or remains where the first ruling left it.* This article has been translated by AI. 2026-01-28 16:45:24
  • Prosecutors appeal ex-presidents sentence in martial law-related case
    Prosecutors appeal ex-president's sentence in martial law-related case SEOUL, January 22 (AJP) - Former President Yoon Suk Yeol's case over charges of alleged obstruction of law enforcement will go to an appeals court after Yoon and prosecutors decided to appeal the first ruling. Independent prosecutors said they reached the decision on Thursday, days after Yoon immediately appealed last week's verdict. In the first ruling delivered last Friday, Yoon was sentenced to five years in prison for obstructing investigators and other officials who attempted to detain him over his botched declaration of martial law on Dec. 3, 2024, one of several charges related to the short-lived, late-night debacle. Prosecutors had earlier sought 10 years in prison, but the court handed down a sentence roughly half of that, although it found him guilty on most charges. With both sides presenting differing arguments, the case will be the first to proceed to an appeals court among Yoon's eight different cases related to the debacle. Meanwhile, a verdict on the main charges of insurrection and abuse of power is expected to be handed down next month. 2026-01-22 16:57:47
  • Former DP lawmaker appears for questioning over alleged bribery
    Former DP lawmaker appears for questioning over alleged bribery SEOUL, January 20 (AJP) - Kang Sun-woo, a former lawmaker of the Democratic Party (DP), appeared for questioning in western Seoul on Tuesday. She is accused of receiving 100 million Korean won (US$68,500) from Seoul city official Kim Kyung in return for the DP's candidate nominations for the 2022 local elections. The money was allegedly delivered to Kang's former aide, identified only by his surname Nam. Her questioning comes nearly a month after an audio recording was abruptly revealed late last month, in which Kang is heard discussing the acceptance of the money with then–DP floor leader Kim Byung-ki, who left the party earlier this week after resigning from his post amid a spate of bribery allegations and other misconduct. Arriving at a police station in Mapo at around 9 a.m., Kang said, "I sincerely apologize for causing public concern," adding, "I will fully cooperate with the investigation." When asked whether she had received the money, she responded that she has "principles" and has "lived a life that adheres to those principles." Police are expected to investigate whether the money was delivered and later returned and, if so, why Kim was later given a single nomination. During earlier investigations, Kim and Nam gave statements that differed slightly from one another. 2026-01-20 10:22:51
  • Ex-DP lawmaker slapped with travel ban over alleged bribery
    Ex-DP lawmaker slapped with travel ban over alleged bribery SEOUL, January 12 (AJP) - Former Democratic Party (DP) lawmaker Kang Sun-woo has been banned from traveling, along with two others, over alleged bribery, police said on Monday. Kang, who recently left the party amid allegations, is accused of accepting 100 million Korean won (US$68,500) from Seoul city official Kim Kyung in return for the DP's candidate nominations for the 2022 local elections. The money was reportedly delivered to Kang's ex-aide, identified only by his surname Nam. The Seoul Metropolitan Police Agency said it imposed the travel bans on the three, citing the seriousness of the case. The travel bans come a day after police raided their homes and offices to investigate how the money was delivered and used. The case emerged after an audio recording was abruptly released a few weeks ago, in which Kang is heard discussing the acceptance of the money with then-DP floor leader Kim Byung-ki, who resigned late last year amid a spate of bribery allegations and other misconduct. The Seoul city official, believed to have handed the money to Kang, was questioned the previous day upon her return to Seoul after traveling to the U.S. shortly after the allegations surfaced. But Kim, who was questioned for just three hours or so because of jet lag, is expected to be summoned again for further questioning. The Seoul city official, believed to have handed the money to Kang, was questioned the previous day upon her return to Seoul after traveling to the U.S. shortly after the allegations surfaced. Her questioning lasted only about three hours due to jet lag, and she is expected to be summoned again. Amid criticism that the investigation was too slow, potentially allowing suspects to destroy evidence, a score of complaints related to the case have been filed so far. 2026-01-12 16:28:39
  • Sentencing request for Yoon on insurrection charge put off to Jan. 13
    Sentencing request for Yoon on insurrection charge put off to Jan. 13 SEOUL January 10 (AJP) -South Korea’s special prosecutor is expected to make a sentencing request for former President Yoon Suk Yeol on charges of leading an insurrection tied to his brief imposition of martial law in 2024, after a lower court on Friday postponed the final hearing following more than 15 hours of defense arguments that stretched to midnight. The Seoul Central District Court’s Criminal Division 25, presided over by Judge Ji Gui-yeon, announced it would hold an additional session on Jan. 13 to hear the prosecution’s final statement and sentencing request, as well as Yoon’s closing defense. Friday’s session, initially scheduled as the trial’s final hearing, overran significantly as defense teams continued reviewing documentary evidence and delivering closing arguments. Lawyers for former Defense Minister Kim Yong-hyun, who spoke first, spent the bulk of the day examining case materials, delaying subsequent proceedings. Kim’s defense argued that troops dispatched to the National Assembly and the National Election Commission did not commit insurrection or riot, saying soldiers neither restrained civilians nor exercised control, and followed “minimum unarmed and nonviolent principles.” The deployment, they said, was a routine security mission under a joint defense plan. On allegations of intimidation, the defense said service pistols were kept unloaded, with magazines detached and ammunition stored separately under a double-lock system, calling the situation “far from” any use of force. They also argued that accompanying personnel inside election facilities was meant to protect operations, not to conduct surveillance or interrogation. As proceedings dragged on, the court repeatedly raised concerns over fairness and feasibility. Judge Ji said it was “realistically difficult” to conclude arguments in a single day given the volume of materials, stressing the need to protect defendants’ rights while ensuring procedural efficiency. With midnight approaching, the court decided to end the session after all defendants except Yoon completed their arguments, postponing Yoon’s final statement and the prosecution’s sentencing request to Jan. 13. Yoon’s legal team objected to delivering key arguments late at night, citing the expanded scope of the case after recent amendments to the indictment. The special prosecutor’s team, led by Cho Eun-suk, said it had prepared to conclude proceedings Friday but agreed to the delay, citing physical limits after the prolonged hearing. Prosecutors have accused Yoon of masterminding an insurrection and could seek the death penalty or life imprisonment under South Korean law if he is found guilty. South Korea, however, has followed an unofficial moratorium for nearly three decades and has not carried out an execution since 1997. During hearings, prosecutors alleged that Yoon and then Defense Minister Kim began devising a plan as early as October 2023 to suspend the National Assembly and seize legislative authority. They further alleged that Yoon sought to label political opponents — including then opposition leader Lee Jae Myung — as “anti-state forces” and detain them. Prosecutors also claim the former president and Kim attempted to manufacture a pretext for declaring martial law by escalating tensions with North Korea through a covert drone operation, an allegation denied by the defense. Although the attempted imposition of martial law lasted only about six hours before collapsing, the move shocked Asia’s fourth-largest economy and elsewhere in the world as Korea posed as a key U.S. security ally long regarded as one of the region’s most resilient democracies. At the Jan. 13 hearing, the court plans to hear Yoon’s final defense, followed by the prosecution’s sentencing request, final statements from the defendants and the formal close of arguments. A verdict is widely expected in early February. 2026-01-10 08:44:42
  • Former Samsung researchers indicted over chip technology leak to China
    Former Samsung researchers indicted over chip technology leak to China SEOUL, December 23 (AJP) - South Korean prosecutors said on Tuesday they have indicted five former employees of Samsung Electronics for leaking core semiconductor technology to a Chinese memory chipmaker. The Seoul Central District Prosecutors Office said five people were detained and charged with violating South Korea’s Unfair Competition Prevention and Trade Secret Protection Act and Industrial Technology Protection Act. Five others, including engineers at China's ChangXin Memory Technologies (CXMT), were indicted without detention. Prosecutors said the suspects systematically transferred Samsung’s 10-nanometer-class DRAM process technology by recruiting key engineers and copying critical manufacturing data. At the time, the technology was held exclusively by Samsung, they said. CXMT later succeeded in mass-producing 10-nanometer-class DRAM in 2023 — the first in China — an achievement prosecutors said is difficult to explain through normal research and development timelines. According to prosecutors, CXMT was founded in 2016 through investment by a Chinese local government and a semiconductor design company. The company recruited a former Samsung department head as head of development shortly after its launch. Prosecutors said the researcher was tasked with securing Samsung’s proprietary 10-nanometer-class DRAM process technology and allegedly orchestrated the systematic poaching of key personnel responsible for each stage of the manufacturing process. The researcher prepared the alleged scheme in detail, including setting up a front company, frequently relocating offices and using coded communications to avoid detection, travel bans or arrest, according to the prosecutors. Another Samsung researcher allegedly copied by hand process recipe plan (PRP) information — described as critical documentation for DRAM manufacturing — before joining CXMT. Prosecutors said this enabled CXMT to obtain the full 10-nanometer-class DRAM process technology, which at the time was held exclusively by Samsung worldwide. CXMT later recruited additional Samsung personnel and began full-scale DRAM development, the prosecutors said. Prosecutors said the leaks caused significant economic damage, estimating Samsung’s 2024 revenue loss at about 5 trillion won, with broader damage potentially reaching tens of trillions of won. 2025-12-23 15:42:49