Jim Rogers (84), the chairman of Rogers Holdings and one of the world’s most celebrated investors, stated to this newspaper on the 24th, “I do not back any candidate in the South Korean election, and I cannot support any.” This remark followed efforts by certain candidates ahead of the June local elections, who highlighted the potential development of the Korean Peninsula, including North Korea, and used Rogers’ name for promotional purposes. When questioned by this newspaper about whether he had officially backed a candidate, he responded, “I am not in a position to support anyone,” reinforcing his position. Last year’s presidential election also sparked controversy regarding whether Rogers supported President Lee Jae Myung in the final stages, and the Singapore-based investor’s name has resurfaced in the political scene less than a year later.
A former legislator, Yang Ki-dae, who recently registered as a preliminary candidate for the governorship of Gyeonggi Province under the Democratic Party of Korea, shared on the 23rd that “Chairman Jim Rogers once commended Yang, saying, ‘If he were a civilian, I would want to recruit him right away due to his vision and spirit of innovation,’ and referred to him as ‘an innovator that investors should look up to.’” Yang’s team highlighted their relationship with Rogers, which began when they met during Yang’s time as mayor of Gwangmyeong in 2017, to support his campaign. A press release issued by Yang’s team was titled “Yang Ki-dae, Recognized by Jim Rogers,” and featured a photo of the two shaking hands. Some local media outlets quoted the title and image directly. When questioned if this amounted to a “endorsement” of Yang, Rogers responded, “I do not support any individual” and “I cannot do that in a foreign election.”
Yang, however, stated, “Since 2017, when I was mayor of Gwangmyeong, I have established a relationship with Chairman Rogers, a globally recognized investor, and held many meetings until last year. Each time, he acknowledged my abilities in successfully developing Gwangmyeong Cave and advancing the Trans-Eurasia Railway, and expressed his support.” He also mentioned that in 2018, during his first campaign for Gyeonggi governor, Rogers sent a video message praising him as “the best person I’ve ever met” and “someone who will be an excellent governor,” concluding, “I hope our valuable relationship with Chairman Rogers continues.”
The name “Jim Rogers” also caused controversy before the June presidential election. Led by Rep. Lee Jae-gang, former vice governor of Gyeonggi Province for peace, and Kim Jin-hyang, former director of the Kaesong Industrial Complex, it was claimed that Rogers supported then-Democratic Party candidate Lee Jae Myung. However, Rogers quickly denied this, saying, “I have never endorsed Lee,” and called the situation “sad and ridiculous.” Large differences between the draft Rogers approved and the statement released by the Democratic Party led to accusations of tampering and misrepresentation. Lee Jun-seok, the Reform Party’s candidate at the time, argued that the stock market fluctuated after the alleged endorsement and demanded an investigation into possible violations of the Public Official Election Act and collusion with stock manipulation groups. Although Kim promised to reveal the post-election process, stating, “Supporting Lee Jae Myung was a fact,” the controversy eventually died down after the election.
Using statements from international figures and presenting them as “endorsements” or for personal promotion is a backward approach that is only observed in South Korean politics among major democracies. The ruling party’s inclination towards Rogers is due to his image as a “renowned investment expert,” similar to George Soros and Warren Buffett, along with his previous support for economic collaboration between the two Koreas and investments in North Korea, including his statement, “I want to invest all my wealth in North Korea.” Michael Sandel, a professor at Harvard University who has a large following in South Korea because of his book *What is Justice?*, is another individual supported by the ruling party. President Lee had a video conversation with Sandel about inequality and injustice just before the 2022 election and met with him in September of last year.
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