The ruling People Power Party on Monday called for a special prosecutor investigation into Rep. Yong-beom Kim, a member of the main opposition Democratic Party, after he was revealed to have made massive stock profits. This comes after Rep. Kim offered to resign from the party on Sunday amid mounting criticism that he had used his influence to make 1.5 billion won ($1.1 million) in stock market profits through the exercise of inside information. Kim’s son also came under fire for reportedly working at a securities firm while his father was serving in the National Assembly. “Unless there is a special prosecutor’s investigation, we will not be able to determine if there was any illegality in Rep. Kim’s massive stock profits,” a spokesperson for the People Power Party said in a statement on Monday. The party also called on the Democratic Party to take disciplinary action against Rep. Kim. “Democratic Party lawmakers have been making one excuse after another, saying that Rep. Kim’s case is not a problem,” the spokesperson said. On Friday, Rep. Kim denied allegations of insider trading, saying that he had made his stock market profits through “legitimate” investment using his own money. However, the Financial Supervisory Service has launched an investigation into Rep. Kim’s stock market profits amid suspicions of insider trading. The ruling party also raised concerns over Rep. Kim’s son, who reportedly worked at a securities firm while his father was in office. “There are concerns that Rep. Kim’s son may have been involved in the case, given that he worked at a securities firm,” the spokesperson said. “Unless a special prosecutor’s investigation is conducted, the public’s trust in the Democratic Party will only continue to dwindle,” the spokesperson added.
We haven't written up this one. Hankyoreh has the full story — the link below goes straight to it.
