Hong Junpyo, former mayor of Daegu, strongly criticized the stock trading allegations under a borrowed name involving Lee Choonseok, a lawmaker who recently left the Democratic Party of Korea, calling the situation "shocking."
On August 8, Hong wrote on his Facebook page, "I have never traded a single share of stock in my entire life," adding, "During my 43 years in public service, I entrusted my salary to my wife, who managed our household with savings and pension insurance." He continued, "I never had the means to invest in stocks or real estate, and when we got married, I promised not to participate in private savings clubs, entrusting all financial matters to my wife." He further explained that, even when reporting his assets as a public official, "My wife checked for any changes in our assets, and I only learned the value of my assets when the announcements were made."
Hong also stated, "The suspicion that Lee Choonseok selected stocks in future high-tech industries most sensitive to government policy and traded them under a borrowed name is a grave incident that foreshadows the future of the Lee Jaemyung administration." He added, "It is simply unacceptable that, while serving as both a subcommittee chair of the National Policy Planning Committee, which oversees national affairs, and as a lawmaker on the National Assembly floor, he would commit such a criminal act."
Recalling his days as a prosecutor, Hong wrote, "I once saw a fellow prosecutor in the next office trading stocks on his computer all day and thought he was crazy," emphasizing, "The moment you choose public office, you must distance yourself from money. Money can enrich a person, but it can also ruin them."
On August 4, Lee Choonseok was caught on camera in the National Assembly plenary session appearing to check his stock account and place orders, sparking controversy. At the time, the account was registered not under Lee's name but under that of his aide, Cha, raising suspicions of stock trading under a borrowed name. Lee denied the allegations but left the party, saying he did not want to cause further harm, and also resigned as chair of the National Assembly Legislation and Judiciary Committee. Jeong Cheongrae, leader of the Democratic Party, has since expelled Lee from the party.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
