"Not Just an Individual Wrongdoing... No Cutting Off the Tail"
Special Prosecutor Team of 205 Members, Up to 170 Days of Investigation
The People Power Party (PPP) introduced a special prosecutor bill on August 7 targeting Lee Choonseok, a lawmaker who left the Democratic Party of Korea (DPK) due to allegations of stock trading under borrowed names. The investigation will cover not only Lee but also other members of the National Policy Planning Committee, focusing on unfair trading activities and potential illegal acts related to borrowed-name assets by all lawmakers.
On this day, the PPP held an emergency general assembly and adopted the 'Lee Choonseok Special Prosecutor Bill' as its official party position. Song Eonseok, PPP emergency committee chair and floor leader, stated at the assembly, "The ugly hypocrisy of the Lee Jaemyung administration, which once promised a KOSPI 5000 era, has been revealed," and added, "With the support of 107 lawmakers, we have decided to officially submit the Lee Choonseok Gate Special Prosecutor Bill as our party's initiative."
Chairman Song emphasized, "The allegations of borrowed-name trading by Lee Choonseok, the former chair of the National Assembly Legislation and Judiciary Committee, are not merely a case of individual wrongdoing. This is a major power-related financial crime gate, known as the Lee Choonseok Gate, closely linked to the Lee Jaemyung administration's large-scale national project, the AI National Flagship initiative."
He continued, "The public wants to know when Lee purchased those stocks, how he influenced the AI National Flagship project, whether he used insider information for speculation, and whether he acted alone. Since President Lee Jaemyung himself has called for a strict and impartial investigation, the Democratic Party has no justification to oppose the introduction of a special prosecutor."
Regarding the police launching an investigation into the allegations, Song argued, "There is a high chance that the police will try to cut off the tail by treating this as Lee's personal misconduct, and they may wrap up the investigation in no time." He also proposed to the government, "We should conduct a thorough investigation into all members of the National Policy Planning Committee, and if necessary, all 300 lawmakers, regarding their ownership of borrowed-name accounts."
The core of the special prosecutor bill is to investigate allegations that Lee used undisclosed information to engage in unfair trading through stock accounts under borrowed names. The scope of the investigation extends beyond Lee to include all members, expert advisors, and working-level officials of the National Policy Planning Committee. The bill also calls for a comprehensive survey of lawmakers' holdings of borrowed-name assets. The special prosecutor's office will consist of 205 members, and the investigation period can last up to 170 days. The Democratic Party, as the ruling party, is excluded from the right to recommend candidates for the special prosecutor.
Park Sunghoon, chief spokesperson for the PPP, explained, "This special prosecutor bill adopts a structure similar to the Kim Keonhee Special Prosecutor Bill previously pushed by the Democratic Party, but it guarantees the president's right to appoint the special prosecutor. The investigation period is up to 170 days."
Immediately after the general assembly, opposition lawmakers from the National Assembly Legislation and Judiciary Committee, including lawmaker Joo Jinwoo, visited the National Assembly's bill submission office to submit the special prosecutor bill. After submitting the bill, Joo told reporters, "The investigation should not stop at Lee alone or end up as a scapegoat. It is unacceptable that a member of the National Policy Planning Committee, where all kinds of high-level stock information circulate, secretly bought and sold AI-related stocks."
Joo emphasized, "All members of the National Policy Planning Committee are powerful figures and potential cabinet candidates, so there are inherent limitations in having the current government's investigative agencies handle this case. This is an opportunity to firmly eradicate the practice of high-ranking officials in charge of state affairs engaging in borrowed-name stock trading."
Addressing the government and ruling party, Joo urged, "Both President Lee and the Democratic Party have repeatedly stated their willingness to do whatever it takes to ensure fairness in the capital market and to ruin the lives of those involved in stock manipulation. They should accept the special prosecutor."
Previously, on August 4, Lee was photographed trading stocks on his mobile phone during a plenary session. The name on the account in the photo was not Lee's, but that of his aide, Mr. Cha, raising suspicions of borrowed-name trading. As the controversy grew, Lee left the Democratic Party and resigned as chair of the Legislation and Judiciary Committee. The Democratic Party decided the previous day to expel Lee from the party.
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