Former Democratic Party lawmaker Kim Nam-guk, who was indicted for falsely reporting assets to the National Assembly to hide the fact that he held a large amount of virtual assets (coins), was acquitted in the first trial.
On the 10th, Judge Jeong Woo-yong of the Seoul Southern District Court Criminal Division 9 acquitted Kim, who was charged with obstruction of official duties by deception.
The court ruled, "At that time, virtual assets were not required to be registered under the Public Officials Ethics Act," and "It is difficult to see that the defendant had an obligation to report those assets."
It also explained, "Although it is acknowledged that the defendant's asset report was incomplete or inaccurate, it is difficult to conclude that the National Assembly Public Officials Ethics Committee's authority to review the actual total assets was obstructed by deception."
After receiving the not guilty verdict, former lawmaker Kim told reporters, "Coin investment is a legitimate economic activity no different from stock investment," and argued, "If my case is obstruction of official duties by deception, then the 30 lawmakers who invested together at the time should also face the same charges."
He continued, "Even after the law was amended to include coins as reportable assets, there have been no investigations or indictments against lawmakers who failed to report them," and claimed, "This case is an unjust political targeted prosecution."
Kim was indicted last August on charges of obstructing the asset change review process of the National Assembly Public Officials Ethics Committee by transferring part of the deposit in his coin account to a bank deposit account for reporting before the 2021 and 2022 National Assembly asset declarations, then converting the remaining deposit back into coins.
The prosecution believes that Kim committed the crime to hide the fact that his coin deposits amounted to 9.9 billion KRW during the 2022 asset change declaration process for the previous year.
Regarding the verdict, the prosecution stated, "We respect the court's judgment," but announced plans to appeal.
The prosecution emphasized, "Even considering the legal provisions at the time, deposits in virtual asset accounts are included as reportable assets just like bank deposits," and "Purchasing coins with 9 billion KRW of the deposits and omitting them from the asset report constitutes active fabrication and submission of false evidence."
Previously, the prosecution had requested a six-month prison sentence for Kim at the sentencing hearing.
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