On the 5th, the People Power Party stated that Lee Chun-seok, the chair of the National Assembly's Legislative and Judiciary Committee from the Democratic Party of Korea, will be reported to the National Assembly's ethics committee regarding the allegations of 'name loan' stock transactions, citing it as a "clear violation of the law." They also urged him to resign from the committee chair position.
Song Eon-seok, chair of the People Power Party's emergency response committee, noted during a briefing that "evidence has emerged through media reports indicating that the Democratic Party's National Assembly committee chair has engaged in 'name loan' stock transactions," adding that "these transactions are a clear violation of the law."
He further added, "Chairman Lee Chun-seok was reported to have been photographed engaging in stock transactions under a proxy name during the parliamentary audit in October last year. It raises suspicion that he may not be an occasional offender."
In addition, the People Power Party stated, "We will immediately report this committee chair to the ethics committee and file criminal charges for violations of the Financial Real Name Act and other relevant laws."
He urged for the resignation of the committee chair, saying, "It is unacceptable for the committee chair, who should be a leader in upholding the rule of law, to violate current laws."
According to The Fact, this lawmaker attended the National Assembly plenary session on the afternoon of the 4th and carried out partitioning transactions of Naver stocks using his mobile phone. The owner of the stock account he was reviewing is his aide, a person surnamed Cha, leading to allegations of 'name loan' stock transactions.
According to the asset disclosure status of this lawmaker, made public through the Public Officials Ethics System on March 27, there were no stocks owned by him or his family. In contrast, the investment amount in Mr. Cha's stock account, which this lawmaker traded, exceeded 100 million won.
The Financial Real Name Act strictly restricts name loan stock transactions. If engaged in for illegal purposes, one may face up to 5 years in prison or a fine of up to 50 million won.