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| ▲ Democratic Party Rep. Kim Nam-kuk heads to his office in the National Assembly compound in Seoul on May 14, 2023, shortly before announcing his departure from the party on Facebook. (Yonhap) |
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| ▲ Democratic Party (DP) leader Lee Jae-myung bows as he apologizes over a cryptocurrency scandal involving DP Rep. Kim Nam-kuk during a general meeting of party lawmakers at the National Assembly in Seoul on May 14, 2023. (Yonhap) |
(4th LD) opposition lawmaker-departure
(4th LD) DP lawmaker says he will leave party amid cryptocurrency scandal
(ATTN: UPDATES with more details in paras 14-16)
SEOUL, May 14 (Yonhap) -- Rep. Kim Nam-kuk of the main opposition Democratic Party (DP) said Sunday he will leave the party amid snowballing allegations of his involvement in massive cryptocurrency dealings.
"Today, I am briefly leaving the Democratic Party that I love," he wrote on his Facebook page. "I decided that it would not be right to be a burden to the party and party members any longer."
Kim has come under fire following revelations he owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million), a significant amount inconsistent with his frugal image.
Allegations further surfaced that the first-term lawmaker traded cryptocurrency coins while he was attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.
"I believe I should not cause any kind of harm to the party at this important time," he said. "From now on, as an independent lawmaker, I will stand up to the unjust political offensive until the end and uncover the truth."
Kim added he will demand legal accountability over the numerous news reports he said were based on false information over the past week.
Kim reportedly made the decision after discussing possible solutions with party members in his constituency in Ansan, 29 kilometers south of Seoul, the previous day.
The lawmaker has maintained his innocence, saying there were no illegalities in his possession of or dealings in cryptocurrencies.
With his departure, the DP is expected to halt its fact-finding investigation and ethics inspection over the scandal, as the party has no authority to conduct an investigation into an independent lawmaker.
DP leader Lee Jae-myung apologized for "causing concern" to the nation.
"He has no excuse for the fact that he did not faithfully fulfill his duty as an elected public official who should have looked after the people's lives day and night, and for the fact that he disappointed the people," Lee said during a general meeting of DP lawmakers.
"We will come up with thorough solutions and work hard so as not to cause further concern to our people," he added.
The meeting was called to discuss reform measures as the party strives to contain the fallout from a string of scandals, including a political funding scandal, ahead of next year's parliamentary elections.
After the meeting, the DP said despite Kim's departure, it plans to investigate the scandal as much as possible, after receiving his consent.
The party also said it will seek to supplement the public servants' asset disclosure system and the conflict of interest prevention system, with the goal of passing related legislation before the end of May.
The cryptocurrency was not included in Kim's disclosure of personal assets because such assets are not required to be declared. Kim has also been accused of a conflict of interest, as he reportedly liquidated most of his digital assets months before he co-sponsored a bill deferring income tax on such assets.
A recent public opinion survey showed the DP has lost support among young voters in their 20s and 30s.
The ruling People Power Party (PPP) demanded Kim give up his parliamentary seat, saying DP lawmakers have a track record of dodging responsibility by quitting the party.
Rep. Kang Min-kuk, a senior party spokesperson, urged the DP to take active steps to force Kim out of office.
"Judging from Rep. Kim's attitude, he is showing no sign of remorse, let alone stepping down voluntarily," he said in a statement.
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