Ethics Committee: "Kim Nam-guk Suspected of Investment Addiction... Will Hear Explanation After Receiving Additional Materials"

Ethics Special Committee "Will Respect Advisory Committee's Opinion as Much as Possible"
Lee Yang-su "No Explanation for Attempts to Evade Asset Reporting"
Song Ki-heon "Claims of Transactions Outside Standing Committee Period Are Not Excuses"

The National Assembly Ethics Special Committee held a subcommittee meeting on the 10th to discuss the disciplinary level for independent lawmaker Kim Nam-guk, who has been embroiled in controversy over holding and trading large amounts of virtual assets. Having received a recommendation for 'expulsion' from the Ethics Review Advisory Committee, the Ethics Special Committee decided to hear Kim's opportunity to explain himself.

The Ethics Special Committee convened a subcommittee in the afternoon to discuss disciplinary action against Kim. Lee Yang-su, the first subcommittee chair of the National Assembly Ethics Special Committee and a member of the People Power Party, explained, "The advisory committee submitted a recommendation to the subcommittee suggesting expulsion of the lawmaker based on about five issues raised. However, we will not make an immediate decision on the advisory committee's opinion today; instead, we decided to call Kim Nam-guk to ask questions and give him a chance to explain or defend himself."

Democratic Party lawmaker Song Ki-heon said, "We confirmed that the trading volume was very large, and some trades occurred on the day of standing committee and hearing meetings," adding, "We need to hear from Kim about the trading methods." The Ethics Special Committee plans to request additional materials from Kim and listen to his explanation along with the existing data.

For now, both ruling and opposition parties have reached a certain consensus on the necessity of severe disciplinary action against Kim.

Independent lawmaker Kim Nam-guk [Image source=Yonhap News]

Lee said, "The scale, frequency, and types were excessively large to the point that some opinions suspected investment addiction. There were cases where tens of billions of won in profits were made within a very short period, so this was not an ordinary investment by a professional but beyond general common sense. We also saw signs of attempts to evade public officials' asset registration reporting, and it was confirmed that there was no explanation for this."

Lawmaker Song said, "Since expulsion is the most severe disciplinary action, precise points need to be identified when disciplining in the National Assembly. If it is true that a significant portion of the trades occurred during standing committee meetings, then Kim's excuse that he traded while attending the subcommittee is not a valid defense. During standing committee meetings, one must sit and focus as it is an obligation given by the people." He added, "Since lawmakers receive the people's mandate and engage in various activities, intentional acts to gain profit would not be tolerated by the public. I think Kim needs to provide an explanation." Regarding the disciplinary level for Kim, Song said, "I will respect the advisory committee's opinion as much as possible."