Lee Chan-jin, Chairman of the Financial Supervisory Service, expressed empathy with the criticism that investors whose subscription deposits were tied up in the Mirae Asset Securities’ SpaceX IPO subscription non-allocation incident should be compensated for their “opportunity cost.”
The Chairman stated at the comprehensive audit of the Financial Services Commission and the Financial Supervisory Service by the Political Affairs Committee held at the National Assembly in Yeouido, Seoul, on the 22nd, that “we will conclude the on-site inspection today (the 22nd) and proceed with the sanction procedure.”
Song Eon-seok, a lawmaker from the People Power Party, questioned, “The amount of Mirae Asset Securities’ SpaceX IPO subscription was a staggering $1.1 trillion and 0.1 billion won, with only the deposit amounting to $79.5 million. It is structured so that only institutional investors or professional investors can (deposit the subscription deposit). Professional investors averaged about 109 per month (from 2022 to 2025), but increased by 400 in April this year, with 734 registered by June. Did Mirae Asset Securities not encourage retail investors to register as professional investors? The Financial Supervisory Service has launched an inspection into this matter; have the results of that inspection been released?”
Song (Rep.) raised suspicions, stating, “The initial plan was to complete the second on-site inspection on July 16, conduct a follow-up inspection on September 14, and conclude it on October 8, yet it has been extended until now. Is this not merely an attempt to avoid the period of the National Audit?”
In response, Chairman Lee answered, “That is not the case. Today is the day the inspection concludes.”
Song (Rep.) argued that Mirae Asset Securities should apply at least the CMA (Comprehensive Money Management Account) interest rate (2.8%) to compensate investors for the period during which $79.541 million (approximately 1.2148 trillion won) in subscription deposits were tied up. He stated, “The interest rate on Mirae Asset Securities’ CMA accounts is 2.8%. Applying this to 1.2145 trillion won in Korean won terms yields only 372.77 million won in interest income for (Mirae Asset Securities). Despite earning such substantial exchange gains, fees, and interest income, they effectively failed to allocate a single share, which is tantamount to fraud; therefore, compensation should be provided.”
He further asked, “In reality, those who participated in the IPO subscription did so by breaking up funds that could have been managed elsewhere. Since it represents an opportunity cost, should not compensation be provided in either dollars or Korean won?”
Chairman Lee said, “I empathize with the committee member’s criticism” and added, “We will look into that matter.”
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