Kim Seung-won, the Minister of Justice nominee, faces a capital markets law violation complaint filed on September 14, 2026, according to reports from South Korean news outlets. Former member of the National Assembly from Seoul, Lee Jong-bae, submitted the criminal complaint to the Seoul Metropolitan Police Agency, targeting Kim alongside a broker identified as Yang and Kang, the founder of the biotechnology firm Genexine.
The complaint centers on allegations that the individuals pushed for expedited regulatory approval of a COVID-19 treatment developed by Genexine to boost corporate value and drive up stock prices, according to Lee’s filing at the Seoul Metropolitan Police Agency. Lee contends these actions violate Article 178, Paragraph 1 of the Financial Investment Services and Capital Markets Act, which bans fraudulent practices and deceptive schemes in financial transactions.
According to the complaint reported by Korea NGO News, Kang allegedly promised broker Yang a financial investment conditional upon securing fast-track clinical trial approval, asking Yang to leverage political connections to rush the decision. Lee claims that Yang then contacted Kim, who was serving as a lawmaker at the time, to request intervention with the Ministry of Food and Drug Safety (MFDS). Kim allegedly contacted the MFDS chief directly, securing the approval.
The filing asserts that Kim understood how the clinical trial approval would alter Genexine’s corporate valuation and stock price. Furthermore, Lee stated that Yang briefed Kim on plans to liquidate founder Kang’s shares, suggesting the resulting capital could support Kim’s political campaigns. Lee characterized the alleged actions sharply in his filing, questioning how a former judge and lawmaker could participate in such transactions.
Additional Criminal Complaints and Public Backlash
Alongside the capital markets complaint, the conservative civic group Seo-min Min-saeng Countermeasures Committee filed separate criminal complaints against Kim, Yang, and Kang on September 14, alleging fraud and attempted murder, according to Korea NGO News. The group argued that Genexine’s treatment had previously failed government standards for clinical trial support grants, making the subsequent approval obtained via political pressure fraudulent.
The civic group also claimed that preclinical animal testing on hamsters revealed drug reflux and lung enlargement, and alleged that related experimental reports were intentionally deleted or omitted. These allegations form the basis of the group’s attempted murder claims.
Separately, political opposition has intensified over Kim's judicial and legal career. The Women's Party held a press conference outside the presidential office on September 14, demanding that President Jae-myung Lee withdraw Kim's ministerial nomination.
Upcoming Parliamentary Scrutiny
These mounting legal challenges and ethics complaints set the stage for contentious confirmation hearings in the National Assembly. Lawmakers are expected to heavily scrutinize the allegations surrounding the clinical trial approvals, the capital markets compliance issues, and Kim’s past legal record.
Worth a look