5 days ago
Ruling party lawmaker accused of trading stocks under someone else's name
South Korea's ruling Democratic Party of Korea launched an internal probe Tuesday after a senior lawmaker was photographed appearing to trade stocks under someone else's name during a parliamentary session.
This sparked speculations that the lawmaker might have failed to fulfill his duty to declare assets as a public official.
Local media published an image showing Rep. Lee Choon-suak, chair of the National Assembly's Legislation and Judiciary Committee, using his phone to access trading windows for Naver and LG CNS shares. The account name did not match his, prompting allegations of borrowed-name trading.
Rep. Joo Jin-woo of the main opposition People Power Party said he would file a criminal complaint, accusing Lee of violating the Real-Name Financial Transactions Act and the Public Service Ethics Act.
'Borrowed-name stock trading is a serious crime that exploits retail investors,' Joo said, adding that omitting such assets from mandatory disclosures could call Lee's qualifications into question. The Legislation and Judiciary Committee is considered one of the most influential in South Korea's Assembly, serving as the final gatekeeper for bills heading to a plenary vote at regular sessions.
The Democratic Party's ethics oversight panel will lead the internal inquiry.
