Editor's PiCK
'Coin Omission Allegation' Kim Nam-guk Acquitted in First Trial... Appointed as Blue House Aide Ahead of July Appeal
Summary
- It was reported that former lawmaker Kim Nam-guk was found not guilty in the first trial on suspicion of omitting virtual assets.
- Prosecutors stated they are preparing for an appeal with issues surrounding the scale of coin omissions and false statements in Kim's disclosure.
- It was reported that Kim was recently appointed as the Presidential Office's Digital Communications Secretary.
Kim Nam-guk, a former Democratic Party lawmaker who has been appointed as a presidential aide in the Lee Jae-myung administration, will stand trial on appeal over allegations of concealing cryptocurrency holdings.
According to the legal community on the 9th, Criminal Appeal Division 3-1 of the Seoul Southern District Court (Presiding Judges Im Seon-ji, Jo Gyu-seol, Yu Hwan-u) will hold the first hearing for the appeal trial on July 17 on charges against the former lawmaker for obstruction of official duties by fraudulent means.
Kim was indicted on suspicion of deliberately omitting virtual assets during property disclosures as a National Assembly member in 2021 and 2022. Prosecutors asserted that he only reported part of his cryptocurrency deposit, worth billions of won, by cashing out a portion and hiding the rest, thereby interfering with the property fluctuation review, and sought a six-month sentence in the first trial.
According to prosecutors, Kim was accused of possessing cryptocurrencies worth approximately ₩9.9 billion in 2021 but reporting only ₩1.2 billion, and also omitting about ₩990 million in virtual assets the following year.
However, the first trial court acquitted him this February. The court stated, "At the relevant time, virtual assets were not subject to property registration for National Assembly members," and, "Since there was no legal obligation to register, this cannot be viewed as obstruction of official duties by fraud." The court further stated, "The criminal charges have not been proven," and delivered a not-guilty verdict. Prosecutors are focusing on the fact that Kim falsely listed his property fluctuation reason as 'stock sale and salary.' This is viewed as deceptive conduct when compared to past cases that resulted in guilty verdicts.
Meanwhile, Kim was recently reported to have been appointed as the Digital Communications Secretary at the Presidential Office by President Lee Jae-myung.
Reporter Jeong Yu-jin jinjin@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
