Seoul: Special counsel Min Joong-ki on Monday denied allegations that he traded stocks using insider information more than a decade ago amid calls from the main opposition People Power Party (PPP) for him to step down. Min, tasked with investigating corruption allegations surrounding former first lady Kim Keon Hee, has faced accusations of using insider information to sell stocks in Neosemitech, a solar materials company, in 2010, to reap more than 150 million won (US$106,000) in profit.

According to Yonhap News Agency, Min expressed regret over the controversy surrounding his personal stock transactions but firmly denied any legal violations. In his statement, he clarified that there were no breaches involving non-public information in his acquisition and sale of the stocks. He also emphasized his commitment to his duties as special counsel, stating, "I will steadfastly fulfill my duty as special counsel."

Neosemitech, established in 2000, was delisted in August 2010 amid allegations of accounting fraud, resulting in losses exceeding 400 billion won for 7,000 investors. At the time, Min served as a judge and is alleged to have sold his shares in the company between January and March of that year, prior to the suspension of the company's stock trading in late March.

Suspicions of insider trading have heightened following revelations about the company's CEO and an outside director sharing educational backgrounds with Min. Both the CEO and the outside director attended the same high school and university in the same year as Min, with the outside director also passing the bar exam in the same year.

Min's team previously stated that the special counsel invested in Neosemitech in the early 2000s after an introduction by an acquaintance, not a company official. They further noted that Min sold his shares based on advice from a brokerage firm employee.

In response to the allegations, PPP floor leader Song Eon-seog has called for Min's immediate resignation and a thorough investigation.