[Current Affairs Show] Kim Junil: "Nominee Account Confirmed", Kang Jeonae: "Lee Chunseok, the Ultimate Hypocrite"

■ Broadcast: Asia Economy 'So Jongseop's Current Affairs Show' (August 6, 4:00~5:00 PM)

■ Host: Political Specialist So Jongseop ■ Director: Producer Park Sumin

■ Guests: Kang Jeonae, spokesperson for the People Power Party, Kim Junil, current affairs commentator

So Jongseop: A major crisis has erupted for the Democratic Party. Lee Chunseok has been expelled from the party following allegations of nominee stock trading. He also resigned from his position as chair of the Legislation and Judiciary Committee. However, the aftermath continues, and the People Power Party's attacks are intensifying. The police have also launched an investigation. Let's start by discussing the Lee Chunseok situation with commentator Kim Junil and People Power Party spokesperson Kang Jeonae.

Kim Junil: On another broadcast, I spoke about this in a roundabout way, but if the explanations from Lee Chunseok and his aide are true, this would actually be an incredible story, a truly remarkable story. In this party, lawmakers usually just order aides to clean up and act high-handed, but here it's, 'Hey, you can't trade stocks, right? Come here, I'll lend you some money.' If Lee invested in stocks day and night and lent the proceeds to his aide, that's a real bond of comradeship. As lawmaker Moon Jinseok said, it's a comradely relationship, truly. If this is true?of course, it shouldn't happen during a plenary session?but it's still extraordinary. He should be given an award, not expelled from the party.

Lee Chunseok is checking a stock account opened under another person's name at the plenary session held at the National Assembly in Yeouido, Seoul, on the 4th. Photo by The Fact

원본보기 아이콘

So Jongseop: That was sarcasm.

Kang Jeonae: What struck me as odd was that the aide initially told the media, 'The lawmaker doesn't trade stocks. I do, but I receive advice from him.' At first, they seemed to deny everything, but then last night, Lee suddenly left the party and gave up his committee chairmanship. This suggests he thought the situation could spiral out of control, and perhaps the party leadership was concerned as well. The situation has gone beyond what the National Assembly can handle, and the police investigation has already begun. President Lee Jaemyung has also called for a thorough investigation, so I expect the probe to proceed quickly. I want to emphasize that the public will be watching to see how the Democratic Party handles this. We need to see whether this is just a superficial attempt to cut ties, or, as party leader Jeong Cheongrae claims, whether they will implement truly stringent measures to root out the problem.

So Jongseop: Trading stocks on your phone in the plenary chamber? It's astonishing that a four-term committee chair didn't even consider that this could be caught on camera by the press. The sheer lack of awareness is shocking.

Park Chungkwon, Kim Eunhye, Kwak Gyutaek, and Cho Seunghwan, members of the People Power Party, are submitting a disciplinary proposal against Lee Chunseok, a member of the Democratic Party of Korea, at the National Assembly Secretariat on the 6th. Photo by Kim Hyunmin

원본보기 아이콘

Kim Junil: The Fact photojournalist reported on this, and immediately it came out that Lee had done the same thing during last October's audit. The account owner was also 'Cha.' It was an opposition lawmaker, according to reports. So, it is indeed a nominee account. The aide's surname is Cha. It's Lee Chunseok's nominee account. We'll have to see when this started. If former lawmaker Kim Namguk had been severely disciplined, lawmakers might have been more cautious. We shouldn't view this through a partisan lens?this is a loss for the public. Lawmakers sitting there doing these things could be violating the Real Name Financial Transactions Act. The penalty is up to five years in prison or a fine of up to 50 million won. There's also the possibility of violating the Capital Markets Act by using undisclosed information.

Because Lee was head of the second economic subcommittee of the National Planning Committee, and that's related to AI. Recently, five national AI representatives were selected, including Naver and LG CNS. If this goes further, people might wonder, 'Did he get involved in the selection process to invest in stocks?' Even if it doesn't go that far, he should have avoided any appearance of impropriety. Is this acceptable? The public is already sensitive about stocks, with the KOSPI aiming for 5,000 points and debates over tightening major shareholder criteria. There are already 130,000 petitioners, and the president recently said, 'If you play games with stocks, you'll be ruined.' Yet a four-term committee chair is sitting there doing this. The Democratic Party really needs to get its act together.

So Jongseop: Even President Lee Jaemyung seemed angry, calling for a thorough investigation.

Kang Jeonae: It has also come to light that Lee Chunseok's aide was part of President Lee Jaemyung's campaign scheduling team. Furthermore, Lee has proposed four bills to strengthen penalties for disrupting the stock market. Some of these bills included restrictions on employment for those who use undisclosed information. This is truly the height of hypocrisy. The People Power Party is pushing for expulsion, but the Ethics Committee is currently split 6 to 6, and it's unclear how the seats will be allocated, so we don't know when the case will be processed. In this situation, I hope both parties can quickly agree to form the Ethics Committee.

A thorough investigation is needed into the relationship between the National Planning Committee and Lee's investments. We need to determine whether the aide allowed Lee to use his account because he was being mistreated, or whether he was an accomplice. Based on what has emerged so far, the stocks weren't just bought with cash. There are records of purchases made using loans from securities firms. So the account owner is the aide.

Lee Chunseok, a lawmaker suspected of nominee stock trading, is leaving the plenary hall after attending the plenary session held at the National Assembly on the 5th, responding to questions from the press. Photo by Yonhap News

원본보기 아이콘

Lee used this stock account to take out loans and, as head of the AI-related subcommittee of the National Planning Committee, bought stocks. It's possible he used his advance knowledge to invest and promised the aide a share of the profits. We need a thorough investigation to determine whether the aide was a victim of abuse or an accomplice.

So Jongseop: That is a very important point. Lawmakers can access a lot of information in the course of their duties. In this case, only his role as head of the second economic subcommittee is being highlighted, but if he used undisclosed information from his legislative activities to profit through the aide's account, that would mean he used his parliamentary position for personal gain, which is a very serious issue.

Kim Junil: The case was reported to the Yeongdeungpo Police Station, but the Seoul Metropolitan Police's Major Crimes Unit is handling it. The case has been assigned to them, meaning the police intend to investigate thoroughly. Judging by the Democratic Party's atmosphere, they are abandoning Lee Chunseok. I'm not sure about his parliamentary seat, but many supporters never liked Lee as Judiciary Committee chair. That's true. People wondered why such a strange person was made chair?they expected this kind of behavior from him.

So, unlike with Kang Sunwoo, supporters are already cutting ties. When Kang Sunwoo was a candidate, party leader Jeong Cheongrae said he'd 'stand in the rain together,' but this time, Lee was left to stand alone with an umbrella?he was cut off immediately. The scale of this case is just too great. This is illegal. There are allegations of illegality. People see this as something that obstructs the president's governance far more seriously.

So Jongseop: Spokesperson Kang Jeonae, what do you think of the Democratic Party and President Lee Jaemyung's response?

Kang Jeonae: I think they're handling it well and acting quickly. Unlike with Kang Sunwoo, they're not showing behavior that the public would find unacceptable. Yesterday, party leader Jeong Cheongrae urgently called for a swift investigation, and as soon as news broke that the police had launched an investigation, Lee announced his departure from the party and resignation as committee chair. Seeing the move to expel him, I realized the presidential office and the Democratic Party are taking this very seriously. I also think the presidential office must be extremely angry about this.

※ Click the video to watch the full content.

So Jongseop: What do you think about Lee Chunseok resigning from the National Assembly?

Kim Junil: I think it's fair to say his political career is effectively over. This is almost criminal in nature, so it carries a different weight. The People Power Party calls it cutting off the tail, but I would tell them to at least cut off the tail. Lawmaker Kwon Seongdong is all over the news for allegedly taking money?shouldn't he leave the party at this point? Honestly, if you don't want to burden the party, you should leave first and come back if you can prove your innocence. Whether it's a show or not, the burden on the party is different. The People Power Party needs to get its act together, too.

Kang Jeonae: I don't think Lee Chunseok will resign from his seat willingly. However, I don't think the investigation will take very long, and since the president has called for a swift investigation, I expect he will be indicted soon.

원본보기 아이콘

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.