"I Cannot Burden the Party... I Will Sincerely Cooperate with the Investigation"
Lee Choonseok, a member of the Democratic Party of Korea who is under suspicion for stock trading under borrowed names, voluntarily left the party on August 5. Lee will also step down from his position as chairman of the National Assembly Legislation and Judiciary Committee.
In a notice sent to reporters on this day under the name of spokesperson Kwon Hyangyeop, the Democratic Party stated, "At around 8 p.m. today, Representative Lee called party leader Jung Chungrae and conveyed, 'I am sorry for causing harm to the party. I will voluntarily leave the party.'"
Spokesperson Kwon explained, "Leader Jung stated that if Lee leaves the party voluntarily, the party can no longer conduct internal investigations or disciplinary actions, and therefore, the truth behind the suspicions must be revealed through a thorough police investigation."
Lee also announced on his social networking service (SNS), "I have determined that I can no longer burden the new party leadership and the party itself, so I have left the Democratic Party and submitted my resignation as chairman of the Legislation and Judiciary Committee."
He continued, "I deeply apologize for causing anger and discomfort with the articles about me. It is entirely my fault, with no room for excuses," adding, "I will fully accept all criticism and reproach directed at me. I will sincerely cooperate with the investigation into the allegations raised, and I will take time to reflect and repent," bowing his head in apology.
The suspicions of borrowed-name trading arose after Lee was seen in the National Assembly plenary session hall the previous day, conducting stock trades through a mobile phone using someone else's name.
Lee was captured by a media outlet checking and partially trading stocks worth about 100 million won, including Naver, Kakao Pay, and LG CNS, through an account under his aide's name rather than his own. There are no securities listed in Lee's publicly disclosed assets on the Public Official Ethics System.
The police have also launched an investigation into Lee. Yeongdeungpo Police Station in Seoul received a complaint requesting a thorough investigation into the suspicions of Lee's borrowed-name transactions, which are suspected to be for the purpose of creating slush funds, and booked Lee on charges of violating the Real Name Financial Transactions Act. Lee's aide, identified as Mr. Cha, the account holder, was also booked as an accomplice.
Lee Chunseok, a member of the Democratic Party of Korea and chairman of the National Assembly's Legislation and Judiciary Committee, is checking a stock account opened under another person's name during a plenary session held at the National Assembly in Yeouido, Seoul, on the 4th. Photo by The Fact
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