Police Question Lee Choonseok Over Alleged Insider Trading
Suspicions Raised About Use of Undisclosed Information
Independent lawmaker Lee Choonseok, who is under suspicion for conducting stock transactions under an aide's name, returned home on the 15th after being questioned by police for over seven hours.
At around 1:50 a.m. that day, Lee emerged from the Metropolitan Investigation Unit building in Mapo-gu, Seoul, and said, "I deeply apologize to the public for causing concern," adding, "I have cooperated fully with the investigation and will continue to do so." He did not respond to reporters' questions such as "Do you admit to the allegations?" or "What did you clarify during the investigation?" Instead, he left in a waiting car without further comment.
The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency summoned Lee as a suspect starting at 6:45 p.m. the previous day. Police reportedly questioned Lee about whether he had opened a securities account under his aide Cha's name and engaged in long-term transactions involving borrowed-name and insider trading. Both Lee and Cha have been booked on charges of violating the Real Name Financial Transactions Act and the Conflict of Interest Prevention Act.
On August 4, Lee was seen on the floor of the National Assembly trading shares of AI-related companies such as Naver and LG CNS under Cha's name, as captured by the media. Since Lee was serving as the head of the Economy Division 2 of the National Policy Planning Committee, which oversees the AI sector, suspicions arose that he may have used undisclosed information for stock trading.
However, Lee maintains that he "mistakenly brought his aide's mobile phone into the assembly chamber." On August 7, police formed a special investigation team of 25 members, including legal and financial tracking experts, and three days later, on August 11, conducted a search and seizure of Lee's office and residence.
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