Prosecution Requests Supplementary Probe into Lee Choonseok's "Stock Trading under Borrowed Names"... Calls for Renewed Investigation on Undisclosed Information

Case Returned to Seoul Metropolitan Police Financial Crime Investigation Unit

The prosecution has requested supplementary and renewed investigations into the case of independent lawmaker Lee Choonseok, who was referred to the prosecution without detention by the police on suspicion of stock trading under borrowed names.

Yonhap News Agency

On January 8, the Seoul Southern District Prosecutors' Office announced that it had asked the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency to conduct supplementary investigations into the case of Assemblyman Lee, who was referred on charges of violating the Real Name Financial Transactions Act, the Public Officials Ethics Act, and the Improper Solicitation and Graft Act.

The prosecution also requested a renewed investigation into Lee's alleged violations of the Capital Markets Act and the Conflict of Interest Prevention Act for Public Officials, which the police had decided not to refer for prosecution.

Lee is suspected of trading stocks worth approximately 1.2 billion won over several years using a securities app registered under his aide's name, starting from his tenure as Secretary General of the National Assembly in 2021 through to the beginning of the investigation last year. On August 4 last year, Lee was caught on camera by the press trading stocks under a borrowed name in the main hall of the National Assembly. Subsequently, he was reported to the authorities by the People Power Party and civic groups and became the subject of an investigation.

The Seoul Metropolitan Police Agency formed a dedicated investigation team of 25 members, led by the head of the Financial Crime Investigation Unit, and questioned 89 individuals, including suspects, complainants, and witnesses. Last month, the police referred Lee to the prosecution on charges of stock trading under borrowed names. However, the police decided not to refer the allegations that Lee's purchase of artificial intelligence (AI)-related stocks was connected to undisclosed information he received from the National Planning Committee, citing a lack of evidence.

Since the end of last year, the prosecution has been requesting supplementary or renewed investigations into major cases handled by the police. In November last year, the prosecution requested a renewed investigation into allegations against former President Moon Jaein's wife, Kim Jungsook, regarding suspicions over clothing expenses and charges of loss of state funds under the Act on the Aggravated Punishment of Specific Crimes.

Last month, the prosecution also returned the case of former Korea Communications Commission Chairperson Lee Jinsook to the police just 12 days after it was referred, citing the need for supplementary investigation into alleged violations of the Public Official Election Act and the State Public Officials Act. In the same month, the prosecution requested a renewed investigation into the partial non-prosecution decision regarding Park Soohyun, a lawmaker from the Democratic Party of Korea and the first chairperson of the UN-Habitat Korea Committee, who was accused of soliciting donations by impersonating a UN-affiliated organization.