Former Financial Supervisory Service Chief Kim Ki-sik's "Self-Sponsorship" Fine Confirmed by Supreme Court

Fine of 2 Million Won Confirmed... "Falls Under the Case of Misusing Political Funds"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] A fine has been confirmed for former Financial Supervisory Service Governor Kim Ki-sik, who was prosecuted on charges of donating political funds to an organization he belonged to during his time as a member of the National Assembly.

On the 10th, the Supreme Court's 2nd Division (Presiding Justice Lee Dong-won) upheld the original sentence of a 2 million won fine against former Governor Kim, who was indicted for violating the Political Funds Act.

In May 2016, Kim, who was a proportional representative of the Democratic Party of Korea, was prosecuted for donating 50 million won of his remaining political funds to the Democratic Party's parliamentary group "The Better Future" shortly before the expiration of the 20th National Assembly term. Subsequently, as this money was channeled into supporting "The Future Research Institute," a think tank of The Better Future where Kim served as director, a controversy over "self-donation" began.

In the first trial, Kim was sentenced to six months in prison with a one-year probation. He was also ordered to perform 120 hours of community service. The court pointed out, "A significant portion of the defendant's wages and severance pay originated from the 50 million won he donated," and stated, "The act of the defendant receiving back a substantial part of the funds he donated can be regarded as an 'expenditure for an improper purpose' as defined by law."

The second trial also found Kim guilty. However, considering that "there is room to view the political fund donation as careless and it is difficult to conclude it was for private gain," the court deemed the first trial's sentence excessive and imposed a fine of 2 million won.

The Supreme Court's ruling on this day was no different. The court affirmed the original verdict recognizing guilt, stating, "The defendant's act of donating 50 million won in political funds to the organization composed of some members of his affiliated party's National Assembly members constitutes an expenditure of political funds for an improper purpose."