FSS Chief Sympathizes with SpaceX Subscription Compensation
Financial Supervisory Service Governor Lee Chan-jin expressed his agreement on Oct. 22 with the point that ‘opportunity costs’ should be compensated for investors whose subscription margins were tied up in relation to the unallocated public offering subscription for SpaceX by Mirae Asset Securities.
On October 22, Financial Supervisory Service Governor Lee Chan-jin voiced his support for the notion that 'opportunity costs' should be reimbursed to investors who had their subscription margins locked in connection with Mirae Asset Securities' unallocated public offering subscription for SpaceX. During a National Assembly meeting, Lee stated, "We will conclude the on-site examination today and initiate the sanction procedures."
People Power Party Representative Song Eon-seok inquired, "The subscription amount for Mirae Asset Securities' SpaceX was an astonishing $11.0001 trillion, and the margin alone amassed a substantial $795 million. However, it's restricted to institutional or professional investors." He added, "From 2022 to 2025, there were approximately 109 professional investors on average, which surged by 400 individuals in April and reached 734 by June.
I'm curious if Mirae Asset Securities recommended retail investors to register as professional investors. I've heard the Financial Supervisory Service initiated an investigation into this matter, so what were the findings?"
Representative Song expressed concerns, stating, "I was informed that the second site visit was originally scheduled to conclude on July 16, followed by another inspection on September 14, and was to end on October 8. However, it has been postponed and is still underway, which appears to be an effort to circumvent the timeframe of the national assembly audit, is it not?" To this, Lee affirmed, "That is not accurate. Today marks the final day of the inspection."
Song argued that Mirae Asset Securities should compensate investors by applying the Cash Management Account (CMA) interest rate (2.8%) for the duration the subscription margin of $795.41 million was tied up. He emphasized, "If the Mirae Asset Securities CMA account interest rate of 2.8% is applied to 1.2145 trillion won (around $917.16 million) based on the Korean won, the interest revenue (to Mirae Asset Securities) alone is 372.77 million won."
He further added, "While they earned this amount in foreign exchange profits, fees, and interest revenue, practically no shares were allocated, which is essentially tantamount to fraud, so they must provide compensation." He then questioned, "The individuals who actually participated in the public offering subscription forfeited funds they could have otherwise managed elsewhere to invest in this opportunity, and since it's an opportunity cost, shouldn't they be compensated, regardless of the currency?"
Lee responded, "I concur with the committee member's viewpoint," and concluded, "We will investigate that matter."
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
