Democratic Party of Korea lawmaker Kim Nam-kuk. [Yonhap]
Democratic Party of Korea lawmaker Kim Nam-kuk. [Yonhap]

Police investigating allegations that Democratic Party of Korea lawmaker Kim Nam-kuk underreported his assets have summoned him for questioning as a suspect.

The Ansan Danwon Police Station in Gyeonggi Province said Wednesday it had recently summoned and questioned Kim on suspicion of violating the Public Official Election Act by making false public statements.

The investigation stems from a complaint filed by Kim Seok-hun, a People Power Party candidate who ran in the Ansan-gap constituency during the most recent National Assembly by-election.Ahead of the vote, Kim Seok-hun held a press conference at the National Assembly on May 21, raising allegations that his opponent, lawmaker Kim, had underreported his assets.

Kim Seok-hun said Kim Nam-kuk had reported total assets of 357.44 million won ($244,000) to the National Election Commission on May 14, whereas his declared assets as of January had stood at 968.89 million won. "He must explain why his assets shrank by 611.45 million won — roughly two-thirds — in just four months," he said.

Kim Seok-hun also raised questions about Kim Nam-kuk's past virtual asset transactions, asking why proceeds from the sale of virtual assets worth about 5.3 billion won — offloaded for 4.7 billion won between January and October 2022 — were omitted from both his 2023 asset declaration and the most recent one.

Kim Nam-kuk pushed back during police questioning, calling the allegations "a malicious framing that ignores the drop in assessed value due to falling market prices." Police completed their questioning of the complainant, Kim Seok-hun, before summoning the lawmaker once the election schedule had concluded.

Police are investigating whether Kim's total declared assets of around 300 million won, reported to the National Election Commission in May, contained any deliberate omissions or understatements. They also plan to determine whether he concealed assets by verifying allegations that he conducted virtual asset transactions worth billions of won in the past.

Police have asked Kim to submit supporting documents and are reviewing the full record of changes to his assets.


keg@heraldcorp.com