President Lee Orders Dismissal of Lawmaker Lee from National Policy Planning Committee's Economic Division 2
Issues Strong Message During Vacation... Moves to Prevent Weakening of Reform Momentum
Lawmaker Lee Leaves Democratic Party on the Night of the 5th... Party Leader Jung Cheongrae Pushes for Expulsion
President Lee Jaemyung has stated that he is taking the allegations of lawmaker Lee Choonseok's stock transactions under borrowed names very seriously, and has ordered a swift investigation to uncover the facts and conduct a thorough and impartial probe. President Lee also additionally instructed that Lee Choonseok be immediately dismissed from the National Policy Planning Committee.
At a briefing held at the presidential office in Yongsan on the 6th, presidential spokesperson Kang Yujeong said, "President Lee has made it clear that he is taking the allegations regarding lawmaker Lee's stock transactions?including transactions under borrowed names and the use of insider information?very seriously," adding, "He has ordered that the facts be ascertained quickly and that a fair and rigorous investigation be conducted." Kang further stated, "President Lee also instructed that lawmaker Lee be immediately dismissed from the National Policy Planning Committee." Lee Choonseok has been serving as the head of the Economic Division 2 of the committee.
President Lee's remarks are seen as stemming from the judgment that the allegations of stock transactions under borrowed names by lawmaker Lee could undermine the credibility of government policy. Immediately after taking office in June, President Lee visited the Korea Exchange and emphasized, "I will make it clear that anyone who tries to manipulate the Korean stock market will face ruin." He has also repeatedly mentioned the 'KOSPI 5000 era,' which he pledged as a presidential campaign promise, even after his inauguration. In relation to this, the National Assembly was about to process the second amendment to the Commercial Act. Concerned that worsening public opinion could sap the momentum for reform, President Lee appears to have ordered a swift and impartial investigation into the lawmaker's alleged illegal stock transactions in order to prevent the controversy from spreading further.
The allegations of stock transactions under borrowed names by lawmaker Lee surfaced after media captured him in the National Assembly plenary chamber looking at another person's account on a mobile phone. He was seen checking and partially trading about 100 million won worth of stocks?including Naver, Kakao Pay, and LG CNS?using an account under the name of an aide, not his own. In the past, there were no securities listed in the asset disclosures that lawmaker Lee submitted to the Public Officials’ Ethics System.
Lawmaker Lee's side explained to the media that he had accidentally brought an aide's phone into the plenary chamber, but the controversy grew. On the night of the 5th, lawmaker Lee left the Democratic Party of Korea. Subsequently, Democratic Party leader Jung Cheongrae announced that the party would expel Lee Choonseok, who was embroiled in the stock transaction allegations, from the party. For the position of chair of the National Assembly's Legislation and Judiciary Committee, which Lee had held, the party put forward Choo Mi-ae, a six-term lawmaker who is considered a candidate for Speaker of the National Assembly.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
