People Power Party Introduces Bills Targeting
Asset Accumulation Suspicions Surrounding Kim Minseok
The People Power Party has consecutively introduced bills targeting suspicions over the accumulation of assets by Prime Minister nominee Kim Minseok ahead of his confirmation hearing.
According to political sources on June 24, Representative Ko Dongjin of the People Power Party submitted a proposed amendment to the Confirmation Hearing Act to the National Assembly the previous day. The bill stipulates that a public office nominee who omits or submits false documents, such as asset declarations, during the confirmation process may face up to five years in prison or a fine of up to 50 million won.
This move is aimed at addressing suspicions surrounding Kim's accumulation of assets. The People Power Party raised suspicions of omitted asset declarations, pointing out that while Kim's salary income over the past five years amounted to 500 million won, his expenditures reached 1.3 billion won. In response, Kim explained that he had received cash income from family events and book publication celebrations.
Under the current Confirmation Hearing Act, the confirmation process is conducted on the premise that the documents submitted by nominees are truthful. However, there are no provisions for criminal penalties even if false information is entered or major items are intentionally omitted from asset declarations. Representative Ko pointed out that this institutional loophole could render the National Assembly's confirmation process a mere formality if abused. He stated, "The intentional omission or falsification of assets by public office nominees not only undermines the credibility of public office and the effectiveness of the confirmation process, but also infringes on the public's right to know and neutralizes the National Assembly's oversight function."
Bills targeting book publication celebrations have also been introduced. Representative Joo Jinwoo of the People Power Party, a member of the special committee for Kim's confirmation hearing, proposed the so-called "Black Envelope Act" (an amendment to the Political Funds Act) to enhance transparency in political funds raised through book publication celebrations.
According to Representative Joo, currently, proceeds from book publication celebrations are not classified as political funds and are therefore not subject to reporting or disclosure requirements. The only restriction is that such events cannot be held from 90 days before an election until election day. As a result, there have been growing concerns that book publication celebrations are being exploited as a loophole for illicit political fundraising.
The proposed amendment includes the following provisions: proceeds from book sales will be included as political funds; organizers of book publication celebrations will be required to report the event to the National Election Commission; sales above the cover price and purchases exceeding ten copies per person will be prohibited; and income and expenditure details must be reported within 30 days. Representative Joo stated, "We must address these legal loopholes to prevent cases like that of nominee Kim Minseok from recurring in the political sphere."
An amendment to the Public Official Election Act, aimed at blocking political fundraising through book publication celebrations, was also proposed by Representative Cho Jiyeon of the People Power Party. The amendment would prohibit political candidates from holding book publication celebrations that involve monetary compensation, and violators would face up to two years in prison or a fine of up to 4 million won. Representative Cho emphasized, "Political fundraising through book publication celebrations is a clear circumvention of the law," and added, "I will do my utmost to ensure transparency in political funding through this amendment."
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