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| ▲ Independent lawmaker Rep. Kim Nam-kuk is seen surrounded by reporters at the National Assembly in Seoul, on Aug. 17. 2023. (Yonhap) |
lawmaker-cryptocurrency scandal
lawmaker declares he will not run in 2024 general elections amid cryptocurrency scandal
SEOUL, Aug. 22 (Yonhap) -- An independent lawmaker, who came under fire for his dubious cryptocurrency holdings, said Tuesday he will not run in next year's general elections.
Rep. Kim Nam-kuk -- who left the main opposition Democratic Party due to suspicions over his once-massive virtual asset holdings -- made the announcement on Facebook, shortly before the parliamentary ethics committee commenced deliberations on what disciplinary measures it would take against the young lawmaker.
"I would like to humbly apologize for causing concern due to my problems ... Regardless of the deliberation results, I will not run in the 22nd general elections," Kim wrote in a Facebook post.
Kim also apologized to supporters in his constituency of Danwon in Ansan, south of Seoul, saying he feels "heavy-hearted" to have disappointed those who gave the political rookie a chance to work at the National Assembly.
The lawmaker added he will spend the remainder of his term working for the people of his district.
The first-term lawmaker has came under fire following revelations that he owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million) at the time. Such a massive amount spurred suspicions about where the money came from and whether he used insider information.
Kim faced further criticism after he was found trading crypto coins multiple times while attending standing committee meetings.
The parliamentary ethics committee was set to decide the level of disciplinary measures against Kim on Tuesday. An advisory panel recommended Kim be subject to the highest level of punishment, which is expulsion.
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