Seoul: Police on Monday raided the office of Rep. Lee Choon-suak on suspicion of trading stocks under a borrowed name, while banning him from leaving the country as part of a probe into the lawmaker who quit the ruling party last week. Lee stirred up public outrage after a press photo captured him checking and trading stocks on a mobile phone last Monday using an account under the name of his aide, surnamed Cha.
According to Yonhap News Agency, the four-term lawmaker, who is accused of violating laws on real name financial transactions and conflict of interest prevention, left the ruling Democratic Party when the photo was published the next day. The Seoul Metropolitan Police Agency’s financial crime unit sent investigators to Lee’s office at the National Assembly compound in Seoul earlier in the day to search for evidence over the allegations.
Police on Saturday raided Lee’s office and residence in the central city of Iksan, where his constituency is located. They have reportedly secured records of the stock transactions Lee allegedly made under the borrowed name. Lee and his aide are also known to have been banned from leaving the country as suspects in the case.
Lee was seen trading artificial intelligence-related stocks, including Naver and LG CNS, raising concerns of conflict of interest as he had been serving as the head of a subcommittee on AI policy under the presidential policy planning committee. He has since been dismissed from the post. “(We) will carry out a strict investigation based on the law and principles,” the police said in a press notice.
Police are reportedly investigating a separate incident of Lee allegedly trading stocks using his aide’s account last October, which was also captured by a press photo.