Lee Choonseok Banned from Leaving Country over Suspected Stock Transactions under Borrowed Names... Comprehensive Search and Seizure

Police have imposed a travel ban on lawmaker Lee Choonseok, who is under suspicion of engaging in stock transactions under borrowed names, and have launched a compulsory investigation.

Yonhap News

On the morning of August 11 at approximately 10:20 a.m., the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency dispatched a dedicated investigation team to Lee's office at the National Assembly Members' Office Building and other locations to secure relevant materials, including the PCs of Lee and his aide, identified as Mr. Cha. Initially, aides attempted to block investigators from entering, but after a phone call, they opened the door. Police also announced that they had conducted a search and seizure at Lee's local district office.

On August 4, Lee voluntarily withdrew from the Democratic Party of Korea after a photo surfaced showing him trading stocks under Cha's name in the National Assembly main chamber, sparking controversy. Lee stated, "I apologize for causing concern," but also insisted, "I have never opened a stock account or conducted transactions under someone else's name."

At the time, Lee was seen trading shares of Naver and LG CNS, both considered AI-related stocks. This led to conflict-of-interest concerns, as Lee was serving as the head of the Economic Policy Division 2, which oversees AI policy, within the National Policy Planning Committee.

Police are also investigating an incident from October 7 last year, when Lee was photographed by media cameras trading stocks through an account under Cha's name during a National Assembly Land, Infrastructure and Transport Committee audit held at the Government Sejong Complex.

On August 7, the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency formed a dedicated investigation team comprising 25 members, including lawyers, accountants, and other professionals specializing in legal and financial tracking.

Police plan to analyze the evidence obtained through the search and seizure and conduct interviews with relevant individuals before coordinating a schedule to summon the suspect. A police official stated, "The dedicated investigation team will conduct a thorough investigation in accordance with the law and principles." Previously, President Lee Jaemyung had ordered a rigorous investigation into the matter.

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