AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Financial Supervisory Service Expands Investigation of JTBC Bond Sales to Hanyang Securities
    Financial Supervisory Service Expands Investigation of JTBC Bond Sales to Hanyang Securities The Financial Supervisory Service (FSS) has expanded its on-site investigation into allegations of improper sales during the issuance and sale of corporate bonds by JTBC to include Hanyang Securities.According to the financial investment industry on July 10, the FSS began its on-site inspection of Hanyang Securities, which participated in the underwriting of JTBC's corporate bonds, on July 8.Previously, the FSS initiated an on-site inspection on July 2 of Shinhan Investment Corp., the lead underwriter for JTBC's corporate bonds, and Kiwoom Securities, which sold asset-backed short-term bonds (ABSTB) to individual investors. Just six days after starting the inspection, the scope was broadened to include the underwriting team.Hanyang Securities acquired 9.3 billion won of unsold bonds during the demand forecast for JTBC's 50 billion won corporate bond issuance in August of last year. The firm is also reported to have been involved in the distribution of a 93 billion won corporate bond issued in February of this year, about four months before a default occurred.The FSS is examining whether Hanyang Securities adequately assessed JTBC's financial condition and repayment risks before underwriting the bonds and whether it properly informed investors of the associated risks.As the investigation, which initially focused on the lead underwriter and individual sales firms, expands to include the underwriting team, the FSS's scrutiny is broadening to encompass the entire bond underwriting review process.JTBC fell into default on June 12 after failing to repay 20.6 billion won in asset-backed loans. Following this, a liquidity crisis spread within the JoongAng Group, leading JTBC and its affiliates, including JoongAng Holdings, Contentree Central, Megabox Central, and JoongAng P&I, to file for court receivership.The court accepted JTBC's application for the Autonomous Restructuring Support (ARS) program, while the other four affiliates were placed under court receivership.* This article has been translated by AI. 2026-07-10 18:12:00
  • KB Kookmin Card Halts New Issuance of Homeplus Partnership Cards
    KB Kookmin Card Halts New Issuance of Homeplus Partnership Cards KB Kookmin Card has stopped the new issuance of its partnership card with Homeplus.According to the financial sector on July 10, KB Kookmin Card has ceased the issuance of new, additional, and replacement 'Homeplus KB Kookmin Card' and employee-exclusive cards as of today.However, to enhance convenience for existing customers and protect consumers, renewals and reissuance within the validity period will still be available.This decision comes just a week after the Seoul Bankruptcy Court decided to terminate Homeplus's corporate rehabilitation process on July 3. The uncertainty surrounding Homeplus's recovery, along with store closures that have weakened the usage base and product competitiveness of the partnership card, is believed to be the reason behind the halt in new issuances.Currently, in addition to KB Kookmin Card, Shinhan Card and Samsung Card also operate partnership cards with Homeplus. Both Shinhan Card and Samsung Card plan to decide on the continuation of their partnerships after the court's final ruling.A representative from KB Kookmin Card stated, "We decided to halt the new issuance of Homeplus-specific products due to the reduction in actual customer benefits stemming from recent changes in Homeplus's business environment."* This article has been translated by AI. 2026-07-10 18:12:00
  • President Yoon Highlights Shared Spirit of Nomadism and Pioneer Spirit with Mongolian Community
    President Yoon Highlights Shared Spirit of Nomadism and Pioneer Spirit with Mongolian Community President Lee Jae-myung emphasized on July 10 that "the nomadic spirit of Mongolia, which seeks new paths across vast grasslands, is a significant connection to Korea's unique pioneering spirit."Speaking at a luncheon with local expatriates in a hotel in Ulaanbaatar, the President noted, "The deep friendship between Korea and Mongolia stems from the similarities in our temperaments."He highlighted the vibrant Korean economic presence in Ulaanbaatar, stating, "I have heard that a lively Korean economic zone has formed, referred to as 'Montan New City'—a blend of Mongolia and Dongtan New City—where Korean shops, restaurants, cafes, academies, and businesses are concentrated. This recognition of Korea as one of the most familiar countries in Mongolia is thanks to the efforts of our expatriates."President Lee praised the expatriates for their role as a bridge between the two countries, stating, "You have fulfilled your role excellently, and based on this achievement, our two nations can open a new era as strategic partners, continuing cooperation in key infrastructure, advanced industries, energy, supply chains, and digital transformation."He also mentioned that the government is conducting a comprehensive survey to address the difficulties expatriates face regarding residency systems, administrative procedures, and educational environments. "We will strive to ensure that our overseas diplomatic missions become a reliable platform for resolving your issues," he promised.Additionally, he encouraged attendees to reach out to him if they find it difficult to meet with the Ambassador to Mongolia.During the subsequent private luncheon, the President listened to the concerns of the expatriates. Many attendees suggested increasing flights between Korea and Mongolia and reducing airfare, according to Chief Spokesperson Kang Yoo-jung in a written briefing.In response to the suggestion regarding airfare reduction, President Lee acknowledged, "There may be reasons related to air travel demand, but I believe that the future of Korea-Mongolia relations will strengthen and improve through smoother economic exchanges."Following the luncheon, the Ulaanbaatar Missionary Children’s School (UBMK) children’s choir performed, singing "All Flowers," "Spring of Hometown," and a medley of "Arirang," as reported by Chief Spokesperson Kang.* This article has been translated by AI. 2026-07-10 18:08:00
  • Weather Forecast: Hot and Cloudy Conditions Persist with Highs Reaching 37 Degrees
    Weather Forecast: Hot and Cloudy Conditions Persist with Highs Reaching 37 Degrees On Saturday, July 11, the weather across the country is expected to be mostly cloudy, with daytime highs reaching up to 37 degrees Celsius.According to the Korea Meteorological Administration, after heavy rainfall in northern Gyeonggi and northern Gangwon the previous day, this weather pattern is expected to continue for the time being.The central region, including Seoul and the surrounding areas, will generally be cloudy, while the southern regions and Jeju Island will see more clouds, with some areas experiencing relatively clear skies.Morning low temperatures are forecasted to range from 21 to 26 degrees Celsius, while daytime highs are expected to be between 29 and 37 degrees Celsius.The expected low and high temperatures for major areas are as follows: ▲Seoul 25-33 degrees ▲Incheon 25-31 degrees ▲Suwon 24-33 degrees ▲Chuncheon 23-31 degrees ▲Gangneung 26-33 degrees ▲Cheongju 25-34 degrees ▲Daejeon 23-34 degrees ▲Sejong 23-33 degrees ▲Jeonju 25-34 degrees ▲Gwangju 24-34 degrees ▲Daegu 24-35 degrees ▲Busan 24-31 degrees ▲Ulsan 23-33 degrees ▲Changwon 24-33 degrees ▲Jeju 26-32 degrees.Waves in the sea are expected to reach 0.5 to 1.0 meters in the East Sea and 0.5 to 1.5 meters in the West and South Seas.In the offshore waters (within about 200 kilometers of the coastline), wave heights are forecasted to be 0.5 to 1.5 meters in the East Sea, 0.5 to 4.0 meters in the West Sea, and 1.0 to 4.0 meters in the South Sea.* This article has been translated by AI. 2026-07-10 18:08:00
  • DuoBack Faces Delisting as Stock Value Plummets 72% in a Year
    DuoBack Faces Delisting as Stock Value Plummets 72% in a Year Once known as the 'people's chair,' DuoBack, a leader in the ergonomic chair market, is at risk of being delisted. The company has been designated as a cautionary investment due to five consecutive years of operating losses and has now been classified as a management issue after failing to meet market capitalization requirements. Stock Value Declines Amid Five Years of Operating LossesOn July 10, the Korea Exchange reported that DuoBack's stock closed at 663 won, up 7 won (1.07%) from the previous trading day. After closing at 946 won on June 18, the stock has struggled to recover and has fallen to penny stock status. A year ago, the stock was trading in the 2,000 won range but dropped to the 1,000 won range in September 2022 and has continued to decline. Over the past year, the stock has seen a decrease of 72.2%, with its market capitalization shrinking from approximately 26 billion won to 7.9 billion won, a 69.6% drop.Founded in 1987, DuoBack has grown into a leading chair manufacturer in South Korea, specializing in ergonomic designs. The company went public on the KOSDAQ in 2004, gaining recognition for its chairs tailored to the Korean physique. However, prolonged poor performance has increased management pressures.DuoBack's primary challenge is improving its financial performance. The company has recorded operating losses for five consecutive years from 2021 to 2025. According to the Financial Supervisory Service's electronic disclosure system, the operating losses were approximately 3.2 billion won in 2021, 4.2 billion won in 2022, 3.9 billion won in 2023, 3.4 billion won in 2024, and 3 billion won in 2025. As a result, the exchange designated DuoBack as a cautionary investment on March 18 due to these ongoing losses. Market Cap Falls Below 150 Billion Won, Leading to Management DesignationThe market capitalization issue has also hindered the company. On June 10, DuoBack's market cap fell below 15 billion won for 25 consecutive trading days, prompting a warning regarding management designation. This change follows an increase in the market cap requirement for maintaining a KOSDAQ listing from 4 billion won to 15 billion won this year.Although buying interest briefly pushed the stock price up from 916 won to 1,252 won over five trading days, the market cap remained at 14.9 billion won, failing to meet the new threshold. Consequently, the company was designated as a management issue after the market closed on June 17.The ongoing losses have also impacted the company's financial structure. As deficits continued, the retained earnings turned into a deficit of 3 billion won by the end of last year. However, DuoBack conducted a revaluation of its real estate assets, including land, in September, reflecting a revaluation surplus of 33.4 billion won in its financial statements. Major Shareholder Buys Shares Amid Delisting ConcernsIn response to growing concerns about delisting, DuoBack has taken action. Following its designation as a cautionary investment, CEO Jeong Gwang-young purchased shares in the open market. From March 17 to 19, he acquired a total of 60,710 shares, increasing his holdings from 4,228,616 shares (35.33% ownership) to 4,289,326 shares (35.84%).On June 22, he posted a letter to shareholders on the company's website, outlining the situation regarding performance improvement and future plans. Jeong stated, "We are not avoiding external environmental changes but are facing them with a clear perspective," while emphasizing that the first quarter of 2026 shows signs of a turnaround. He noted that revenue grew by 15.5% from 5.42 billion won to 6.26 billion won compared to the same period last year, and the gross profit margin improved from 21.1% to 30.9%. As a result, the operating loss decreased from 765 million won to 234 million won, a reduction of about 70% year-over-year.Additionally, to escape management designation, the company plans to focus on profitability, enhance financial stability through asset utilization, improve shareholder value using treasury shares, and expand transparent communication.However, the outlook for alleviating delisting concerns remains challenging. Starting this month, the market cap threshold for potential delisting on the KOSDAQ has increased from 15 billion won to 20 billion won, with plans to raise it to 30 billion won next year. Furthermore, penny stocks are now subject to delisting reviews, indicating that DuoBack will continue to face significant pressure to maintain its listing. 2026-07-10 18:08:00
  • One in Four New Cars Sold in South Korea This Year is Imported
    One in Four New Cars Sold in South Korea This Year is Imported This year, one in four passenger cars sold in South Korea is imported. The share of imported vehicles has surpassed 25% for the first time, driven by the rise of electric cars.According to the Korea Automobile Importers Association and the Korea Automobile Mobility Industry Association, the proportion of imported cars among newly registered vehicles reached 25.8% in May, with 29,860 imported cars out of a total of 115,680 new registrations.In June, the number of newly registered imported cars exceeded 38,000, accounting for 25.9% of the total.The share of imported cars among new registrations reached 10% in 2012 and surpassed 15% in 2015. Last year, the number of newly registered imported cars exceeded 300,000, achieving a market share of 20.3%. Since February of this year, the share has consistently remained above 20%.In June, the number of newly registered imported passenger cars increased by 37% compared to the same month last year, marking the highest monthly total on record. For the first half of the year, cumulative registrations reached 184,000, also a record high.The increase in the share of imported cars is attributed to the success of electric vehicle brands. Tesla registered 56,139 new vehicles in the first half of the year, a 192% increase from the previous year.Chinese electric vehicle manufacturer BYD is also contributing to the expansion of the imported car market alongside Tesla. BYD registered 11,675 new vehicles in the first half of the year, surpassing brands like Lexus and Audi to rank fourth.Notably, the total number of imported cars registered in the first half of the year was 184,000, an increase of 46,000 compared to the same period last year, with Tesla and BYD accounting for 47,000 of that increase.In June, the share of electric vehicles among imported cars exceeded half, reaching 51.1%.* This article has been translated by AI. 2026-07-10 17:56:00
  • From Fall-nix to full stack AI: SK hynix journey starts after Nasdaq debut
    From "Fall-nix" to full stack AI: SK hynix journey starts after Nasdaq debut There was once a nickname Korean investors reserved for SK hynix that captured both the company's fortunes and the country's skepticism toward its future. They called it Harak-nix—"Fall-nix"—because the stock seemed incapable of doing anything except decline. During the decade following its 1996 listing, it became one of the most punishing investments on the Korea Exchange, collapsing to just 135 won a share as the Asian financial crisis, government-directed restructuring and the semiconductor industry's relentless boom-and-bust cycles turned what had once been a national champion into a symbol of Korea Inc.'s post-crisis decline. The hard days are looked upon as a myth due to its contrast with today's fortunes as the company priced a $26.5 billion in the largest American depositary receipt offering. The Wall Street listing certainly marks the end of an extraordinary journey that took SK hynix from creditor management to the center of the global artificial intelligence supply chain, yet it also marks the beginning of a far more difficult challenge. For the first time in its modern history, the company is no longer fighting for survival or even for technological relevance. It is attempting to redefine itself before the technological advantage that made it indispensable begins to erode. That distinction may ultimately prove more important than the offering itself. Corporate history is filled with companies that survived crises only to struggle with success. The skills required to preserve an organisation through repeated downturns are rarely the same as those required to lead an industry. Survival rewards discipline, patience and operational excellence. Leadership demands something more elusive: the willingness to abandon the very formula that produced success before competitors force the issue. One of the most revealing observations in Super Momentum, the recently published account of SK hynix's transformation based on extensive interviews with Chairman Chey Tae-won, Chief Executive Kwak Noh-jung and dozens of engineers and executives, is that the authors do not present 2024 as the culmination of the company's strategy but as the point at which its identity fundamentally changed. They argue that historians may eventually remember it as the dividing line between the old SK hynix and the new one—not because HBM suddenly became profitable, but because the company stopped thinking of itself as a memory manufacturer and began imagining itself as something considerably broader: a creator of AI infrastructure. That evolution explains why Chief Executive Kwak's phrase, "Full Stack AI Memory Creator," deserves to be taken more seriously than the sort of corporate slogan investors usually dismiss. The expression reflects an uncomfortable truth that every successful memory company eventually confronts. Memory has always been one of the semiconductor industry's most commoditized businesses. Every technological generation eventually becomes standardized, every manufacturing advantage narrows and every pricing cycle gives way to the next downturn. SK hynix understands this better than most because it has experienced nearly every phase of the semiconductor industry's boom-and-bust history. Its ambition to move beyond commodity memory into advanced packaging, AI-optimized memory systems and broader platform technologies is therefore less a story about expansion than about self-preservation. The memory business has repeatedly humbled companies that mistook technological leadership for permanence. Escaping that cycle is the strategic challenge confronting every champion. The popular narrative often portrays SK hynix as the company that foresaw the generative AI revolution before anyone else. The interviews in Super Momentum suggest something less dramatic and ultimately more believable. They describe a company that was not trying to predict ChatGPT or a trillion-dollar AI infrastructure race, but one that concluded conventional DRAM scaling was approaching physical and economic limits. High-bandwidth memory was pursued because engineers believed stacked memory would eventually become necessary, even if no one could yet identify the application that would justify years of investment. That distinction matters. Semiconductor history is filled with technically elegant ideas that arrived too early or never found a market. SK hynix's advantage was not prophetic vision but a willingness to keep investing after others questioned whether the effort still made commercial sense. The company accumulated manufacturing know-how, packaging expertise and customer relationships over more than a decade while HBM remained a niche product. When generative AI suddenly transformed memory bandwidth from a technical curiosity into one of the industry's most valuable resources, those years of largely invisible engineering became difficult for competitors to compress into a few product cycles. Even so, history cautions against assuming that today's advantage will naturally extend into tomorrow. The semiconductor industry rarely allows leadership to remain uncontested for long. Japanese companies once appeared unassailable in memory. Intel seemed equally dominant during the personal computer era. Technological leadership eventually shifts not because successful companies become incapable of innovation, but because the industry's bottleneck changes. Firms that solved yesterday's most important problem often find themselves organized around priorities that no longer define the market. That is why the Nasdaq listing represents something more significant than a record-breaking capital raise. Investors are increasingly valuing SK hynix less as another cyclical memory producer than as a company positioned at the center of AI infrastructure spending. Such re-ratings can be powerful, but they also raise expectations. Markets no longer judge the company primarily on where memory prices stand in the current cycle. They increasingly judge whether SK hynix can remain indispensable after the present cycle matures. Whether that proves possible depends on a question that extends well beyond HBM. Artificial intelligence has temporarily made memory bandwidth one of computing's defining constraints, but technological bottlenecks rarely stay in one place. The next breakthrough may emerge from optical interconnects, photonics, cooling technologies, advanced packaging, power efficiency or architectures that remain inside research laboratories today. The companies that endure are seldom those that simply perfect the existing generation of technology. They are the ones willing to challenge the assumptions that made them successful in the first place. For much of its modern history, SK hynix was preoccupied with survival. That question has largely been answered. The more difficult one is only beginning. Having escaped the fate that overtook many former memory champions, it must now avoid becoming another example of the industry's relentless tendency to replace today's indispensable technology with tomorrow's. *The author is the managing editor of AJP. 2026-07-10 17:42:43
  • Team Sparta Targets Japanese Corporate Training Market with AX Expertise
    Team Sparta Targets Japanese Corporate Training Market with AX Expertise AI upskilling company Team Sparta announced that executives from the Japan Computer System Sales Association (JCSSA) visited its headquarters in Seoul. They shared experiences on AI transition (AX) corporate training and operating AI-native organizations.The JCSSA is an association of major computer system sales and IT solution companies across Japan, visiting South Korea as part of an exchange of information between the IT industries of both countries.Team Sparta is targeting the Japanese corporate training market by localizing its curriculum to fit the local industry structure and corporate culture. The company provides AX training to local firms, including NEC, Seven Bank, Omron, and Bandai Namco Sevens. In the first quarter of this year, Team Sparta's sales in Japan increased approximately fivefold compared to the same period last year.After touring Team Sparta's office, the delegation attended a presentation by CEO Lee Beom-kyu. He introduced the process of transitioning to AI-native organizations and shared examples of in-house AX initiatives, as well as corporate AX training models and global business strategies. They also discussed the direction of AI transition for Japanese companies and ways to enhance corporate training.The company plans to localize its AI corporate training curriculum, specifically the Claude Code-based Vibe Coding course, for the Japanese market. This initiative aims to support practical business innovation and the internalization of AI within local companies.Lee Beom-kyu stated, “Japan has a high demand for corporate training, and interest in AI transition is rapidly expanding. We aim to establish ourselves as a leader in the Japanese AX corporate training market by offering customized curricula optimized for the Japanese industrial structure and the latest AI training courses.”Meanwhile, Team Sparta has restructured its corporate customized training business under the name 'Sparta AI Corporate Training' and its AX solution business as 'Sparta Builders,' expanding its operations to combine education and infrastructure development. The company is broadening its AX business to include AI training for corporate employees, capability assessments, customized training, and technology solution development. According to the company, its domestic corporate training revenue grew 2.5 times year-on-year last year.* This article has been translated by AI. 2026-07-10 17:40:00
  • Uniqlo Expected to Overtake H&M as Worlds Second Largest Apparel Retailer
    Uniqlo Expected to Overtake H&M as World's Second Largest Apparel Retailer Japanese company Fast Retailing, which operates the clothing brand Uniqlo, is projected to surpass Sweden's H&M to become the world's second-largest apparel manufacturer and retailer. With rapid growth in its overseas Uniqlo business, particularly in Europe and North America, annual sales are expected to approach 4 trillion yen (approximately $37.2 billion) for the first time. The strategy of enhancing quality and functionality while raising prices has led to improved profitability.The Nihon Keizai Shimbun (Nikkei) reported on July 10 that Fast Retailing has raised its sales forecast for the fiscal year 2026 (September 2025 to August 2026) by 70 billion yen to 3.97 trillion yen. This represents a 17% increase from the previous year and is about 8% higher than H&M's projected sales. The company also revised its net profit forecast upward by 20 billion yen to 500 billion yen, marking the third upward revision of its earnings outlook this fiscal year.Among manufacturers and retailers that handle everything from clothing design to production and sales, the world's largest is Spain's Inditex, which operates Zara. Fast Retailing has been in third place since surpassing American apparel company Gap in 2016, trailing H&M.From September of last year to May of this year, Fast Retailing's sales reached 3.065 trillion yen, a 17% increase compared to the same period last year. Quarterly sales have exceeded 1 trillion yen for three consecutive quarters, widening the gap with H&M, which has quarterly sales around 900 billion yen.The driving force behind this performance is the overseas Uniqlo business, which has seen sales grow by around 20% compared to the previous year. This growth rate is faster than H&M, which has experienced declining sales in local currencies, and Inditex, which has seen single-digit growth.Fast Retailing promotes Uniqlo's brand concept of 'LifeWear,' which emphasizes quality and functionality in everyday clothing. Unlike Zara and H&M, which focus on quickly adapting to fashion trends, Uniqlo's emphasis on durable, basic clothing is seen as a competitive advantage.Daijiro Murata, a senior analyst at JP Morgan Securities, stated, "It is difficult to find large competitors with a similar concept to Uniqlo globally. There is significant room for growth, as its market share in the European and American apparel markets is still below 1%."Uniqlo's strategy of opening large stores in key commercial areas of major cities in Europe and North America has also increased its visibility. As of the end of May, there were 95 stores in Europe and 120 in North America. Fast Retailing plans to open about 15 stores annually in Europe and 25 in North America going forward.The pricing strategy has also changed. While Uniqlo was previously associated with low-cost clothing, it has recently raised prices to match the value of its products while enhancing quality and functionality. In Europe and the U.S., the same products are sold at prices about twice as high as in Japan. The price range is lower than Zara but similar to or higher than H&M.For example, a women's short-sleeve T-shirt priced at 1,500 yen (approximately $13.90) in Japan is sold for 14.9 euros (about 2,700 yen) in Europe. Similarly, jeans that cost 4,990 yen in Japan are priced at 49.9 euros (about 9,200 yen) in Europe.By restructuring its pricing system and strengthening order management, Fast Retailing has reduced discount sales, thereby increasing profitability. The operating profit margin, which was 10% in the fiscal year 2015, is expected to reach 18% this fiscal year. In contrast, H&M's operating profit margin is around 7% to 9%. H&M has begun closing less profitable stores to improve management amid rising competition from low-cost online retailers like Shein and Temu.Expectations for Fast Retailing are high in the stock market as well. As of July 8, its price-to-earnings ratio (PER) was 56, significantly higher than Inditex's 25. Fast Retailing's market capitalization is approximately 27 trillion yen, narrowing the gap with Inditex's 31 trillion yen. Nikkei predicts that Fast Retailing could surpass Inditex in market capitalization depending on future performance.Dependence on Uniqlo and Yen Weakness Pose ChallengesHowever, Nikkei pointed out that the high dependence on Uniqlo is a challenge. Inditex not only has Zara but also other affiliated brands that generate a high profit margin of about 20%. In contrast, Fast Retailing's low-cost brand GU has not achieved an operating profit margin of 10% until the last fiscal year. Although there have been recent improvements, it has not yet established itself as a second growth pillar following Uniqlo. The global brand business, which operates mid-priced brands, also reported a loss in the last fiscal year.The depreciation of the yen is another burden for the Japanese business. As the proportion of products sourced from overseas increases, the cost of procurement rises as the yen's value falls. Takeshi Okazaki, Fast Retailing's Chief Financial Officer, stated, "We are continuing to hedge against currency fluctuations, but the situation is becoming more challenging. We will have no choice but to raise prices on some fall and winter products," estimating an average price increase of just under 4% across all products.Fast Retailing aims for long-term sales of 10 trillion yen. Sho Kawano, an investment research analyst at Goldman Sachs, commented, "Since Uniqlo's business focuses on basic clothing, it is unlikely to be a temporary trend. It has ample potential to become an industry leader in Europe and the U.S."* This article has been translated by AI. 2026-07-10 17:36:00
  • Woman Investigated for Blocking Access to Jamsil Vote Counting Center
    Woman Investigated for Blocking Access to Jamsil Vote Counting Center Police are investigating a woman accused of blocking access to the Jamsil vote counting center during a protest triggered by a shortage of ballots in the June 3 local elections.The Songpa Police Station in Seoul summoned the woman, in her 30s, as a suspect in an obstruction of duty case around 4 p.m. on July 10, approximately three weeks after launching the investigation on June 17. Authorities plan to confirm the circumstances surrounding her interference with the entry of sports organization officials.Before her appearance, she spoke to reporters outside the police station, stating, "I believe that the court or the election commission's decision on preserving evidence should take precedence. If verification proceeds without adhering to principles and procedures, how can it be persuasive regardless of the outcome?"She emphasized, "If it requires a cost to protect liberal democracy, I am willing to pay that cost."On June 16, she single-handedly blocked the entrance to the handball stadium for about two hours, where opposition lawmakers, including People Power Party leader Jang Dong-hyuk, were attempting to enter.Despite attempts by Jang and Yoo Seung-min, president of the Korean Sports Council, to persuade her, she refused to back down, insisting that the preservation procedures for the ballots and ballot boxes should take priority. Jang stated at the time, "If a citizen is blocking the door, I will respect that person's will," and withdrew.Some have referred to the woman as 'Oldark,' a portmanteau of 'Olympic Park' and 'Joan of Arc.' She also appeared at the National Assembly on July 2 when the special committee investigating the ballot shortage attempted to enter the handball stadium, blocking the entrance at Gate 2-1. At that time, committee members used the secured Gate 2-2, avoiding any physical confrontation with her.* This article has been translated by AI. 2026-07-10 17:28:00