Upstage, an AI startup preparing for an initial public offering, is drawing renewed attention over allegations involving former senior presidential secretary for AI policy and future planning Ha Jung-woo. Ha ran in the June 3 parliamentary by-election in Busan’s Buk-A constituency and is reported to have held shares in Upstage while serving in the presidential role, raising conflict-of-interest concerns. After Ha’s involvement came under scrutiny, Upstage was later selected as one of five operators for the government’s proprietary AI foundation model project in August 2025, a program sometimes described as Korea’s “national AI champions.”
Multiple observers say the controversy remains prominent because independent lawmaker Han Dong-hoon, who defeated Ha in the election, made the issue a central campaign theme. They note that if Han continues to raise questions in the National Assembly, the matter could contribute to uncertainty around Upstage’s planned stock market debut. The reports focus on the public and political spotlight around the shareholding and government-project selection timeline, rather than any final determination of wrongdoing.
