The National Assembly Special Committee on Ethics plans to discuss whether to affirm an advisory committee's recommendation that Rep. Kim Nam-kook, a former member of the Democratic Party (DP), resign as a lawmaker over his cryptocurrency trading during the legislative sessions. Kim traded cryptocurrency more than 200 times during his standing committee meetings. As of the end of 2021, he owned digital currencies worth 9.9 billion won ($7.7 million). He said that he only traded a small amount of cryptocurrency on a few occasions, but that was a lie.
If the committee's recommendation is to pass, more than 200 votes are required for his expulsion from the 300-member legislature. As the ruling People's Power Party (PPP) has only 112 seats, its fate will be determined by the DP, which has 168 seats. But lawmakers close to DP Chairman Lee Jae-myung are calling for a "cautious approach" to his arrest. They cite the need to consider 11 other lawmakers who also own or trade cryptocurrency at risk of conflict of interest from their standing committees.
The DP leadership has been criticized for tepidly dealing with the Kim issue, as seen in the late filing of an indictment with the ethics committee. As Kim served as Lee's senior secretary, Lee's leadership was severely damaged. Thats not all. When the DP innovation committee proposed that DP lawmakers waive their immunity from arrest, as their PPP peers did, they reluctantly agreed to the proposal with conditions, only when the prosecution legitimately requests an arrest warrant. The DP's decision on the legislator will serve as a litmus test for the sincerity of the party's reform effort.
Despite all the legal risks of the head of the DP and the controversy over cash deliveries before the 2021 national convention to choose a new party head, the majority party showed no remorse. In contrast, a former PPP deputy voluntarily resigned in 2021 after taking responsibility for her father's violation of the land possession law. Another conservative lawmaker made the same decision after being investigated for her alleged sexual misconduct. If the recommendation for the controversial legislator is approved by the National Assembly, it will be the first case in 44 years. We hope Rep. Kim proves his integrity before it's too late.
The DP will most likely lose in next year's parliamentary elections if it fails to deliver on its promise to voters. As Chairman Lee could also soon face another request for an arrest warrant, we hope that Lee will make good on his promise not to hide behind the no-arrest privilege. The DP should accept the innovation committee's proposal for roll call votes instead of secret ballots on Kim's fate.
