
Sparks fly after Jim Rogers refutes ‘endorsement' of Lee Jae-myung
Investor tells The Korea Herald he does not support or endorse anyone, but liberals cling on to claim
Rival parties on Monday bickered over the authenticity of the Democratic Party of Korea's claims that veteran US investor Jim Rogers supported its presidential candidate Lee Jae-myung.
The controversy snowballed Monday after Rogers denied his endorsement of Lee in several interviews with local media from late Sunday.
In an email inquiry from The Korea Herald, Rogers replied, "I do not support or endorse or anything any candidate there," when asked whether he supports or has endorsed Lee.
Despite Rogers' direct denial, Kim Jin-hyang, the former head of the Kaesong Industrial Complex, who read the letter of 'endorsement' during a Democratic Party press conference Thursday insisted the endorsement was real.
'I officially confirm that Chairman (of Rogers Holdings and Beeland Interests, Inc.) Jim Rogers' support of candidate Lee Jae-myung is true,' Kim said in a statement jointly released with Song Kyung-ho, a professor at Pyongyang University of Science and Technology.
Song, who is based in London, said that he communicated with Rogers on the messenger app WeChat from May 26-29, during which he agreed to release the letter of to the press.
Kim explained that the gap in stance between Rogers and themselves was merely a 'misunderstanding."
In the same statement, Song said that Rogers did express his 'support' for Lee. Song claimed that Rogers requested him to draft a support letter for Lee, but expressed regret that the media "misinterpreted" it as an endorsement.
The two released screen captures of a WeChat conversation, showing Rogers responding, 'Thanks! This is fine.'
However, the draft that Rogers approved was more measured in tone than the version released by the Democratic Party. In the draft, Rogers is quoted as saying, 'That is why I recognize the pragmatic approach of Lee Jae-myung, a leader who is focused not on ideology or political distractions.'
By contrast, the final English version shared by the Democratic Party quoted Rogers as saying, 'That is why I strongly support Lee Jae-myung.'
It goes on to describe Lee as 'a leader with the courage and vision to end the era of confrontation and open a new chapter of peace, growth, and global leadership for Korea,' and also contains a direct appeal: 'The choice is Lee Jae-myung.'
Democratic Party chief spokesperson Cho Seung-rae told reporters 'there was apparently a process of refining the statements' made by Rogers, saying claims of 'fraud' were 'excessive.'
In a Friday Facebook post, Lee Jae-myung had welcomed the "endorsement" of Rogers, highlighting the investor's longstanding interest in the inter-Korean economic ties.
The People Power Party on Monday afternoon filed a complaint with prosecutors against candidate Lee, Rep. Lee Jae-gang and several others involved in the matter, for spreading false information and defamation.
The party denounced the Democratic Party's claims as 'an international fraud' and called for Lee to drop out of the presidential race.
People Power Party Interim Chair Kim Yong-tae said during the party's election committee meeting Monday morning that the Democratic Party's claims are 'incorrect stories spread by a person who met (Rogers) briefly a few years ago.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
a day ago
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)


Korea Herald
a day ago
- Korea Herald
Bills to probe Yoon, wife pass National Assembly
Bill on suspected interference in investigation of Marine's death also passed; Presidential office says 'there is very little reason' to veto them The ruling Democratic Party of Korea-controlled National Assembly on Thursday passed contentious bills mandating special counsel probes into charges and scandals surrounding former President Yoon Suk Yeol and his wife, Kim Keon Hee. Three probe bills reintroduced by the Democratic Party were approved during a parliamentary plenary vote held in the afternoon. One pushes to launch a permanent special counsel to investigate 11 charges tied to Yoon's failed martial bid in December; another seeks to mainly investigate Kim's alleged inappropriate interference in the People Power Party's candidate nomination process in previous general and by-elections as well as her luxury bag scandal; the third looks into the allegations that the Yoon administration interfered in the military's investigation into a young Marine's death in 2023. All three bills were passed in a 194-3 vote with one abstention, in a package deal. The move came a day after President Lee Jae-myung, who was the Democratic Party Chair, was sworn into office. He won Tuesday's early election, securing 49.42 percent of the vote against his rival and People Power Party candidate Kim Moon-soo, who saw 41.15 percent. Lee was highly likely to approve and endorse the bills, as an official at the presidential office said, 'there is very little reason' to veto them, with all three 'receiving People's support,' in a press briefing after the plenary vote. People Power Party, which became the main opposition party on Wednesday, highlighted its party line against the passage of the bills ahead of the plenary vote. The majority of the party lawmakers boycotted all three votes. All three bills passed on Thursday had previous versions that were scrapped by former President Yoon's veto power. The bill mandating a permanent special counsel investigation against Yoon will look into 11 different charges tied to his martial law bid, including insurrection and military mutiny. The previous versions of the bill were vetoed and scrapped twice. The latest version expanded the scope of the charges from six to 11. Special counsel candidates will be nominated by the Democratic Party and the minor liberal Rebuilding Korea Party, from the parliament's side. The bill also eases regulations to access presidential archives. It lowers the threshold from the current approval needed from two-thirds of lawmakers or from a high court chief judge to three-fifths of the Assembly or permission from a district court chief judge. The bill concerning the first lady will look into her alleged role in a stock manipulation scandal as well as the inappropriate acceptance of a luxury bag from a Korean-American pastor and election-related scandals involving political broker Myung Tae-kyun. An amendment passed alongside the bills expands the scope of the number of assistant special prosecutors from four to seven and raises the cap on dispatched prosecutors from 40 to 60.


Korea Herald
a day ago
- Korea Herald
Korean shipbuilders suffer 35% drop in orders through May: report
South Korean shipbuilders saw a 35 percent year-on-year drop in new orders from January to May, according to shipping industry tracker Clarkson Research Services on Thursday. During the five-month period, Korean shipbuilders secured a total of 3.81 million compensated gross tonnage, representing 24 percent of the global market — second to China, which led with 7.86 million CGT, or 49 percent. The decline is partly attributed to selective order-taking, as Korea's major shipbuilders — HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries — have prioritized high-value-added vessels such as liquefied natural gas carriers rather than container ships. Their docks are currently occupied with orders scheduled for delivery over the next three years. However, the drop in orders is also reflects a sharp downturn in the global shipbuilding market. Total new global orders during the period fell 45 percent from a year earlier to 15.92 million CGT, raising concerns among some industry observers about the possibility of the current market cycle slowing in the coming years. Industry sources noted that many shipping companies are delaying new orders amid uncertainties in global trade and falling freight rates, driven in part by ongoing geopolitical tensions between the US and China. The Shanghai Containerized Freight Index, a widely used indicator of shipping rates, exceeded 3,000 in June last year but dropped to just over 1,200 in May this year. Although it has seen a sharp rise over the past three weeks, securities firms suggest this is a temporary increase driven by the US' short-term tariff deferral on Chinese goods. As a result, Korean shipbuilders saw a decrease in their backlog, with total outstanding orders falling by 8 percent, or 3.09 million CGT, compared to the same period last year. As of early June, HD Korea Shipbuilding & Offshore Engineering — parent company of HD Hyundai Heavy Industries and two other smaller shipbuilders — had only achieved 38.7 percent of its annual order target of $18 billion. Samsung Heavy Industries had reached 27 percent of its full-year sales goal of $9.8 billion.