President Lee Jae-myung on Monday ordered the confiscation of hoarded goods, saying, "Confiscate quantities that have been hoarded, even if it causes disruption to market order or ties up supply." The directive emphasized the need for strong sanctions against hoarding, a market-disrupting practice, amid the ongoing Middle East conflict.
Speaking at the 7th Emergency Economic Review Meeting held as a Cabinet meeting at the presidential office, Lee said, "Since confiscation of hoarded goods is a special provision, implement institutional reinforcement to allow the government to immediately dispose of them on behalf of violators, or to sell them in the market and later collect an equivalent amount."
Lee reiterated, "Check whether confiscation is currently possible. If it is feasible, enact an enforcement decree. If that is impossible, revise the law to make it happen." He added, "They keep doing it because we handle it lightly," and questioned, "Would the market be shocked by confiscating 100,000 syringes? If others stop hoarding, wouldn't that be enough to cover it?"
"Whether through collection or another method, a clear policy must be set and communicated to the market," Lee said. "Given that many were unaware such a provision existed, it appears that in hoarding cases, authorities only carried out crackdowns and penalty procedures without actual confiscation." When Food and Drug Safety Commissioner Oh You-kyung responded that "this is not confiscation but a corrective order instructing them to sell in the market," Lee raised his voice, saying, "That's useless." He expressed frustration, asking, "What's the point of filing complaints and imposing punishments? If someone made 3 billion won through hoarding and gets fined only 100 million won, or if a president or department head gets punished instead, while the chairman makes money—can that even be called a sanction?"
When Oh again replied that "under the Price Stabilization Act notice of the Ministry of Economy and Finance, those indicted face up to three years in prison," Lee criticized, "Do they actually serve three years? It's obvious—usually a suspended sentence." He continued, raising his voice, "There is no real sanction effect. That's why they keep doing it. The goods must be seized and confiscated."
Bong Wook, senior presidential secretary for civil affairs, explained, "When the Price Stabilization Act was revised in 2021, confiscation was made mandatory by explicit provision, and a new rule was introduced to collect equivalent amounts when confiscation is not possible." But Lee snapped back, "How will it actually be applied in reality? Because it's difficult, they fail to apply it and let things slide, giving hoarders an opportunity."
"We must take a pragmatic approach—an effective one," Lee said. "The confiscation provision was written into the law because it was needed." He added, "Report back separately and promptly. Present both long-term measures and what can be done immediately in the short term. If immediate action seems difficult, simply seize the goods."
