Lee Jae-myung, Democratic Party Leader, Raises Presidential Election Fund Allegations
Plans to Begin Detailed Investigation at Second Meeting on 19th
The People Power Party’s ‘Coin Gate Fact-Finding Team’ labeled the controversy surrounding independent lawmaker Kim Nam-guk’s virtual asset allegations as a ‘second Bada Story’ during its first meeting on the 16th. Alongside this, the fact-finding team also brought up suspicions regarding Lee Jae-myung, leader of the Democratic Party of Korea, and his presidential election funds.
Kim Seong-won, head of the fact-finding team, told reporters after the team’s first meeting held at the National Assembly that day, “The team has defined Coin Gate as a ‘second Bada Story’ targeting the public.” Bada Story is a gambling game released in 2004, known for its addictive and gambling nature, which acted as a major conduit for power-related corruption entangled with various interests, negatively impacting the Roh Moo-hyun administration.
Kim Seong-won, head of the People Power Party's Coin Gate Investigation Team, is speaking at the first meeting of the Coin Gate Investigation Team held on the morning of the 16th at the National Assembly in Yeouido, Seoul. (Photo by Yonhap News)
The meeting was attended by related agencies including the Financial Intelligence Unit (FIU), the Anti-Corruption and Civil Rights Commission, and the Ministry of Personnel Management. Kim explained, “To uncover the substantive truth, we agreed to invite experts from various fields and the private sector to examine the matter more thoroughly and transparently.”
Kim added, “The FIU presented official opinions on the overall direction and processes when suspicious transactions occur, as there are parts where they cannot legally provide data. The Anti-Corruption Commission discussed the scope of legal application, including violations of the Kim Young-ran Act related to conflicts of interest. The Ministry of Personnel Management raised practical issues regarding how virtual assets should be registered when public officials file their asset declarations.”
Regarding voluntary reporting of virtual asset transactions by lawmakers, Kim said, “The floor leaders of the two major parties are negotiating, and I expect it will proceed in that direction. When the floor leaders reach an agreement, the Ministry of Personnel Management is preparing practical measures on how to evaluate and register virtual asset declarations.”
The meeting also raised suspicions about connections to Lee Jae-myung’s presidential election funds. Lawmaker Kim Hee-gon, a member of the fact-finding team, stated, “The prosecution investigation is ongoing, and suspicions related to the last presidential election funds have been raised. What has been revealed so far is just the tip of the iceberg. The core issue is the source of the funds?how the coins were initially acquired, whether Kim Nam-guk could have possessed such an amount of funds. I believe account tracking is essential. A warrant has been issued, and if the tracking proceeds, suspicions regarding election funds will be uncovered.”
The fact-finding team plans to hold a second meeting on the 19th to begin a detailed investigation. Participants include Yoon Chang-hyun, chairman of the party’s Digital Assets Special Committee; Park Hyung-soo of the Legislation and Judiciary Committee; Kim Hee-gon of the Strategy and Finance Committee; Bae Hyun-jin of the Culture, Sports and Tourism Committee; Choi Hyung-doo of the Ethics Special Committee; party deputy spokesperson Lee Min-chan; lawyer Jeong Jae-wook; and accountant Kim Kyung-yul.
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