South Korea: Ruling party to expel lawmaker over alleged stock transactions under borrowed name

Seoul, Aug 6 (IANS) The ruling Democratic Party (DP) said Wednesday it has decided to expel Rep. Lee Choon-suak for triggering public outrage over allegations of stock trading under a borrowed name.

The decision came a day after Lee left the DP after a press photo captured him checking and trading stocks on a mobile phone using his aide's account, in an allegation that tarnished the government's policy of reinvigorating the stock market via transparent trading practices.

"I know that the public is deeply concerned about the allegations surrounding Lee's alleged stock trading under a borrowed name," DP leader Jung Chung-rae said at a supreme council meeting. "As the party leader, I am deeply sorry and ashamed that this happened immediately after I took office."

Jung said the DP had launched an ethics team to investigate Lee's allegations and had initially planned to expel Lee, but that his abrupt departure prevented the party from taking immediate disciplinary action against him, Yonhap news agency reported.

However, Jung stressed that the party will still proceed with measures to expel him, in a move that effectively bars him from returning to the DP in the future.

Under the party rules, if a member under investigation quits the party to avoid disciplinary action, an ethics panel can still take measures equivalent to expulsion, according to Jung.

"As President Lee Jae Myung and the administration had pledged to show that any misconduct related to stocks will be punished, we will strictly punish any similar violations in the future," Jung said.

The DP has picked six-term lawmaker Choo Mi-ae to head the National Assembly's legislation and judiciary committee to fill in the vacancy left by Lee's departure.

The judiciary committee is a key Assembly panel that has the power to approve bills before they are put to a plenary vote.

--IANS

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