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SEOUL, July 20 (Yonhap) -- An advisory panel to the parliamentary ethics committee recommended Thursday that independent lawmaker Kim Nam-kuk be stripped of his parliamentary seat for dubious cryptocurrency holdings.
Yoo Jae-pung, chairman of the panel, announced the decision, which marks the harshest disciplinary measure that can be taken against a lawmaker accused of misconduct.
A preliminary investigation revealed that Kim, formerly affiliated with the main opposition Democratic Party (DP), made more than 200 cryptocurrency exchanges while attending parliamentary committee meetings. The balance of redeemable assets in their cryptocurrency wallets amounted to approximately 9.9 billion won (US$7.8 million) at one point in late 2021.
The first-term lawmaker has come under fire following revelations that he had owned around 800,000 Wemix coins in 2021, worth around 6 billion won, a significant amount that does not befit his frugal image. This raised suspicions about where the money came from and whether he used inside information.
Since the scandal broke, Kim has resigned from the DP and has gone independent.
The advisory panel, made up of outside experts, deliberates on the level of disciplinary action against legislators referred to the ethics committee, and the panel's decision is usually endorsed by the committee.
The decision will then be put to a vote in a plenary session of the National Assembly.
In South Korea, a legislator is subject to four levels of punishment from the parliamentary ethics committee, ranging from a minimum warning to the maximum expulsion from parliament.
Representative Kim Nam-kuk attends a plenary session at the National Assembly in Seoul on July 18, 2023. (Yonhap)
Fairydust@yna.co.kr
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