Seoul: Rep. Lee Choon-suak of the ruling Democratic Party (DP) resigned from the party on Tuesday following allegations that he conducted stock transactions under a borrowed name, leading to both an internal party inquiry and a police investigation.
According to Yonhap News Agency, the four-term lawmaker communicated his decision to step down in a phone conversation with DP leader Rep. Jung Chung-rae, expressing regret for the trouble caused to the party. This development came after a press photo, taken the previous day, emerged showing Lee trading stocks on a mobile phone inside the parliamentary plenary chamber, using the name of one of his aides.
In response to the allegations, Jung promptly instructed the party's ethics inspection team to initiate a thorough investigation, while the police commenced their own probe into Lee and his aide for allegedly breaching the law that mandates real-name financial transactions. Despite the allegations, Lee has refuted claims of using another person's identity for stock account operations or share trading.