Democratic Party Proposes 'Kim Geon-hee Special Prosecutor Act'... Fast-Track to Start in March

Investigation into Stock Manipulation and Paid Sponsorship Allegations
Separate Proposal by Justice Party, Leaving Room for Negotiation

On the 9th, the Democratic Party of Korea proposed the 'Kim Geon-hee Special Prosecutor Act,' which calls for an investigation into allegations of stock manipulation and quid pro quo sponsorship involving First Lady Kim Geon-hee. The Democratic Party plans to designate the Kim Geon-hee and Daejang-dong 5 Billion Club special prosecutor bills as fast-track (rapid processing agenda) within the March National Assembly session to expedite their passage.

Park Hong-geun, the Democratic Party floor leader, stated at the party's policy coordination meeting that day, "The Democratic Party will propose the Kim Geon-hee Special Prosecutor Act today," adding, "A special prosecutor appointed by the people is the only solution." Earlier that morning, Democratic Party floor leaders Shin Jeong-hoon and Yang Kyung-sook submitted the bill to the National Assembly Secretariat.

The Democratic Party included in the special prosecutor's investigation scope the allegations of stock manipulation involving Deutsche Motors and the quid pro quo sponsorship allegations related to Kobana Contents, operated by Kim Geon-hee. Floor leader Park criticized, "The Yoon Seok-yeol prosecution once again dismissed the low-price purchase allegations of Deutsche Financial as a 'transaction at a normal price' due to insufficient evidence," and pointed out, "The ‘Black Pearl Invest’ company, which the first trial court identified as the control tower of the second operation, was an unregistered illegal company with the Financial Services Commission." He continued, "If Kim Geon-hee entrusted investments knowing it was an unregistered company, it could be evidence of involvement in criminal activity, yet the prosecution did not even indict," adding, "Whenever the name ‘Kim Geon-hee’ is involved, the prosecution investigation never functions."

Park Hong-geun, floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly in Yeouido, Seoul on the 9th. Photo by Kim Hyun-min kimhyun81@

Earlier, on the 7th, the Justice Party also announced plans to push for the Kim Geon-hee Special Prosecutor Act, but their scope of investigation is limited to the Deutsche Motors stock manipulation allegations, differing from the Democratic Party's proposal. Regarding the composition of special prosecutor recommendation members, the two parties have yet to reconcile differences over whether to include the Justice Party’s recommendation quota as a non-negotiating party. Although negotiations for joint proposal had been ongoing, failure to reach an agreement led to separate proposals. The special prosecutor bill proposed that day by the Democratic Party explicitly states that the special prosecutor recommendation must be made by a 'negotiation group not including the president.'

Lee Su-jin, the Democratic Party floor spokesperson, said during a back briefing after the meeting, "We tried to communicate between chiefs to see if a joint bill could be submitted, but it seems difficult to find common ground with the Justice Party, so we decided to submit separately today," adding, "Although there are differences between the Justice Party’s and Democratic Party’s bills, we share the common goal of the necessity for a Kim Geon-hee special prosecutor, so efforts to cooperate must continue."

Thus, the Democratic Party and the Justice Party will each pursue 'dual special prosecutors' for the Daejang-dong 5 Billion Club and First Lady Kim Geon-hee. The Democratic Party plans to push for fast-track designation of the two special prosecutor bills within March. Meanwhile, on the same day, Yong Hye-in, co-representative of the Basic Income Party, held a press conference and expressed support, saying, "We welcome the serious discussions between the Democratic Party and the Justice Party regarding the dual special prosecutors for the Daejang-dong case and the Kim Geon-hee stock manipulation case," and urged, "Let’s process them collectively as fast-track agendas within March."