Ethics Advisory Committee's Kwon Young-se on Coin Disclosure: Ruling Party Says "Leak to Prevent Kim Nam-guk's Expulsion"

Opposition to Disclosure of List... Prosecutors Consider Filing Charges
"Kwon Young-se and Kim Nam-guk Coins Differ Morally and Legally"

The Advisory Committee on Ethics Review of the National Assembly's Special Ethics Committee (Advisory Committee) has sparked ongoing political disputes after disclosing the virtual asset (coin) holdings and transaction details of members of the National Assembly. In response, the ruling party plans to file a complaint with the prosecution, accusing the Advisory Committee of attempting to divert attention to prevent the expulsion of independent lawmaker Kim Nam-guk.

Earlier on the 21st, the Advisory Committee released the names and transaction details of 11 lawmakers from both ruling and opposition parties who reported having experience in virtual asset trading. From the People Power Party, five members?Minister of Unification Kwon Young-se, and lawmakers Kim Jeong-jae, Yoo Kyung-jun, Lee Yang-su, and Lee Jong-seong?were reported. From the Democratic Party of Korea, three lawmakers?Kim Sang-hee, Kim Hong-gul, and Jeon Yong-gi?were reported. Additionally, lawmaker Cho Jeong-hoon of the Transition Era Party and independent lawmaker Hwang Bo-seung-hee, formerly of the People Power Party, were also included in the reported list.

Minister of Unification Kwon Young-se, who is under opposition party attack for voluntarily reporting virtual asset transactions, is seen on the afternoon of the 24th exiting the Government Seoul Office in Jongno-gu, Seoul, and getting into a vehicle. Photo by Yonhap News

Among the 11 lawmakers, a significant number are known to have potential conflicts of interest. The criteria for determining conflicts of interest are virtual asset transactions amounting to 10 million KRW or more, or 100 or more transaction occurrences. From the People Power Party, Minister Kwon and lawmaker Lee Yang-su, and from the Democratic Party, lawmaker Kim Hong-gul are mentioned.

The People Power Party has expressed opposition to the Advisory Committee's disclosure of the virtual asset holdings and transaction reports of lawmakers and is considering filing a complaint with the prosecution. Although the lawmakers voluntarily reported their coin transactions in good faith, the Advisory Committee is accused of disclosing related information without following proper procedures.

People Power Party lawmaker Seong Il-jong pointed out that the Advisory Committee violated Article 127 of the Criminal Act (Breach of Official Secrets). On the 25th, during YTN News & Issue, Seong said, "The Ethics Committee is operating as part of the National Assembly's work, and it has a function to maintain confidentiality. What is the intention? It is a diversion tactic regarding the Kim Nam-guk (coin scandal)."

He criticized, "Leaking (lawmakers' information) arbitrarily and using it as a diversion to block the expulsion of lawmaker Kim Nam-guk is wrong politics."

Independent lawmaker Kim Nam-guk. Photo by Yonhap News

He also emphasized that the virtual asset transactions of Minister Kwon and lawmaker Kim differ in moral and legal aspects.

Seong said, "(In Minister Kwon's case) unlike lawmaker Kim Nam-guk, he did not disclose whether the source of the money was problematic. Minister Kwon conducted transactions with about 1% of his assets, which amount to approximately 4.3 billion KRW," adding, "In contrast, lawmaker Kim Nam-guk reported 1.5 billion KRW, but the total coin transaction amount is said to be around 10 billion KRW."

Regarding the submission of virtual asset-related materials, he pointed out, "Minister Kwon submitted all requested materials without omission," while "(Lawmaker Kim Nam-guk) is someone who said he would stake his political life and all his assets but did not submit the materials."