President Lee orders probe into stock scandal

President Lee Jae-myung on Tuesday called for a prompt and impartial investigation into allegations that independent lawmaker Lee Chun-seok conducted stock trades using borrowed names. The order, issued during the president’s vacation, was seen as an effort to contain growing public outrage over the scandal. Lee, a four-term legislator representing Iksan in North Jeolla Province, stepped down as chair of the National Assembly’s Legislation and Judiciary Committee and left the Democratic Party on Monday after the accusations came to light.

Presidential spokesperson Kang Yoo-jung said in a briefing that President Lee "takes the allegations against Representative Lee very seriously" and has directed authorities to "quickly determine the facts and carry out a thorough and impartial investigation." Kang also said the president ordered Lee’s immediate removal from the National Policy Planning Committee, where he had served as deputy head of the subcommittee on science and technology policy. He was dismissed earlier that morning.

Democratic Party Chair Jeong Cheong-rae said the party expelled Lee through a Supreme Council vote under emergency disciplinary provisions. Citing internal rules, Jeong stated, “Even if a lawmaker leaves the party to avoid punishment, expulsion procedures can still be enforced,” adding, “We will move forward with expulsion.” Party regulations prohibit expelled members from rejoining for five years.

Some party members have gone a step further, demanding Lee be expelled from the National Assembly. Floor leader Kim Byung-ki said on a YouTube program, “If the facts turn out to be serious, harsher steps beyond party expulsion could be taken,” adding, “We are seriously considering removing him from office.” Legislative expulsion requires a vote by the Assembly’s Special Ethics Committee and support from at least two-thirds of lawmakers in a plenary session.

People Power Party interim leader and floor leader Song Eon-seok held an emergency press conference Tuesday. He said the matter “cannot be dismissed with a simple resignation from the party” and vowed to submit the case to the Ethics Committee and pursue criminal charges. Representative Joo Jin-woo, a candidate for party leadership, said he would soon introduce a bill seeking a special counsel investigation.


조권형 기자 buzz@donga.com