Seoul: Police on Monday raided the office of Rep. Lee Choon-suak on suspicion of trading stocks under a borrowed name as part of a probe into the lawmaker who quit the ruling party last week. Lee stirred up a public outrage after a press photo captured him checking and trading stocks on a mobile phone using an account under the name of his aide, surnamed Cha, last Monday.
According to Yonhap News Agency, the four-term lawmaker, who faces charges 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 to search for evidence over the allegations.
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.