Obstruction of Official Duties Charge
Prosecution to Indict Without Detention in August
Former Democratic Party of Korea lawmaker Kim Nam-guk, who was embroiled in controversy over holding a large amount of cryptocurrency, criticized the prosecution for filing an illegal indictment before attending his first trial.
Former Lawmaker Kim Nam-guk Attending First Trial (Seoul=Yonhap News) Reporter Ryu Hyo-rim = Former Democratic Party lawmaker Kim Nam-guk, who was indicted on charges of obstruction of official duties by deception for hiding a large amount of virtual assets (coins) and false property reporting, is attending his first trial held at the Seoul Southern District Court in Yangcheon-gu, Seoul on October 28, 2024.
Photo by Ryu Hyo-rim
On the 29th, before attending the first trial held under the presiding of Judge Jung Woo-yong at the Seoul Southern District Court Criminal Division 9, Kim said, "This indictment is an 'illegal indictment' that completely infringes on my right to defense." He added, "When the prosecution suddenly notified me of the summons investigation by phone last August, they did not inform me of the charges I was being investigated for," and said, "I did not even have the opportunity to make favorable statements or submit favorable evidence."
Furthermore, regarding the establishment of the crime of obstruction of official duties by deception, Kim argued, "The Public Official Ethics Committee judges that the property declaration under the Public Official Ethics Act should include the 'final change details as of the last day of the relevant year,' and the Supreme Court also judges by the same standard," adding, "Therefore, the final change status as of the standard date, December 31, is subject to property declaration, and there is no fact that can be evaluated as 'deception' such as 'misunderstanding, mistake, or ignorance' by the public official handling the property declaration work who recognizes facts different from the truth."
Finally, Kim said, "Since I ran for office, I have done my best not to commit even the smallest illegal act," and "I earnestly ask for a fair judgment in this court and will promptly and clearly prove my innocence."
Kim is accused of obstructing the Public Official Ethics Committee's review of property change details by transferring part of the cryptocurrency account deposits to a bank deposit account to match the total property amount and converting the remaining deposits into cryptocurrency to hide the fact that he made a large profit from cryptocurrency investments when declaring his assets as a lawmaker in 2021 and 2022.
Earlier, it was revealed that Kim held virtual currencies including 'Wemix' coins worth up to 6 billion won, as well as 'Mavrex' and 'Bora,' raising suspicions about the source of investment funds and the use of funds. The prosecution conducted raids on cryptocurrency exchanges Bithumb and Upbit, as well as Kakao's blockchain affiliates last year to investigate transaction records and fund flows, and summoned Kim for the first time on August 20 for investigation.
Kim voluntarily left the party amid a conflict of interest controversy after it was revealed that he traded coins during National Assembly standing committee meetings and proposed bills related to games and virtual assets, but rejoined the Democratic Party last May after one year.
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