Former Financial Supervisory Service Chief Kim Ki-sik, Accused of 'Self-Sponsorship,' Receives Suspended Sentence in First Trial

Former Financial Supervisory Service Chief Kim Ki-sik is leaving the courtroom after being sentenced to 6 months in prison with a 1-year probation at the first trial held at the Southern District Court in Yangcheon-gu, Seoul on the morning of the 13th.
[Photo by Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] Former Financial Supervisory Service Chief Kim Ki-sik, who was prosecuted for donating political funds to an organization he belonged to during his time as a member of the National Assembly, was sentenced to a suspended prison term in the first trial.

On the 13th, Judge Jeong Jin-won of the Criminal Division 3 at the Seoul Southern District Court sentenced former lawmaker Kim, who was indicted for violating the Political Funds Act, to six months in prison with a one-year suspension and ordered 120 hours of community service.

The court stated, "The defendant, a member of the National Assembly, as a member of 'Deo Joeun Mirae,' which can be considered a social or friendship organization, spent an amount exceeding the membership fees previously paid," adding, "This goes against the purpose of the Political Funds Act, which aims to prevent corruption related to political funds and to uphold the development of democratic politics." Furthermore, the court explained the sentencing by saying, "After the 50 million won donation was attributed to Deo Joeun Mirae, the foundation paid wages and retirement benefits to the defendant," and "Considering that part of the donation could be seen as used for private gain, the nature of the crime is serious."

Former Chief Kim was indicted for donating 50 million won of political funds on May 19, 2016, shortly before his term as a lawmaker ended, to the Democratic Party lawmakers' group 'Deo Joeun Mirae' under the name of a research fund. Kim was appointed as the head of the Financial Supervisory Service in April 2018 but resigned after two weeks due to the emergence of this suspicion.

The prosecution filed a summary indictment against former lawmaker Kim in January last year, seeking a fine of 3 million won, but Kim claimed innocence and requested a formal trial. The prosecution had previously requested a fine of 3 million won at the sentencing hearing, but the court handed down a prison sentence.

After the verdict, former Chief Kim expressed regret, saying, "I am very sorry," and indicated his intention to appeal.

This content was produced with the assistance of AI translation services.