'990 Million Coin Unreported' Former Lawmaker Kim Nam-guk Acquitted in First Trial

"Although the property changed, it cannot be considered an exercise of influence"

Former Democratic Party of Korea lawmaker Kim Nam-guk (43), who was prosecuted for false property declaration to the National Assembly, was acquitted in the first trial.

Former Democratic Party lawmaker Kim Nam-guk is speaking after being acquitted in the first trial held at the Seoul Southern District Court in Sinjeong-dong, Yangcheon-gu, Seoul, on the 10th. Photo by Yonhap News

On the 10th, Judge Jung Woo-yong of the Seoul Southern District Court Criminal Division 9 acquitted former lawmaker Kim, who was charged with obstruction of official duties by deception for failing to report virtual assets worth about 9.9 billion won.

Judge Jung stated, "According to the Public Officials Ethics Act, virtual assets were not subject to registration at the time of property declaration, so it is difficult to see that the defendant had an obligation to register these assets," adding, "Although it is hard to deny the fact that the property changed through transactions just before the declaration date, it is difficult to consider that deception was exercised."

Earlier, former lawmaker Kim converted part of his deposits into virtual assets to conceal the fact that he earned a large profit from virtual asset (coin) investments during the property declaration process for the National Assembly in 2021 and 2022. According to the Public Officials Ethics Act, public officials of grade 4 or higher are required to register their assets, and the mandatory registration of virtual assets was enforced at the end of 2023.