Kim Yong-beom, Director of the Office of Policy at the South Korean Presidential Office, has been accused of abuse of power, suspected of hastily pushing for the listing of a single-stock leveraged ETF.

According to an August 3 report by South Korea's JoongAng Ilbo, former Seoul City Council member Lee Jong-bae has officially reported Kim Yong-beom, Chief of Staff for Policy to the President of South Korea, to the Supreme Prosecutors' Office. The accusation alleges abuse of power, coercion, and obstruction of business by force. The complainant claims that Kim Yong-beom publicly exerted pressure during a media interview in January this year and directly instructed financial authorities to proceed with a study on the system for 2x leveraged ETFs on single stocks. Subsequently, the Chairman of the Financial Services Commission announced that the product would be allowed to list. Lee Jong-bae believes that Kim Yong-beom's intervention led to the hasty launch of this product, which was widely considered by the industry to carry significant risks, just before the election, ultimately causing substantial losses for many investors. Currently, neither Kim Yong-beom nor the Financial Services Commission has publicly responded to this report, and the relevant criminal determination awaits a formal investigation by the prosecution.