Former legislator Kim Nam-guk is under investigation for concealing cryptocurrency worth 9.9 billion won. The review of his asset declarations to the National Assembly for 2021 and 2022 revealed undisclosed holdings.
Investigation into Kim Nam-guk
Kim Nam-guk reportedly concealed cryptocurrency by transferring Bitcoin to bank accounts to deceive declaration authorities and violate public office asset disclosure laws. According to the prosecution, Kim intentionally obstructed the Ethics Committee's investigation in the National Assembly.
Asset Declaration Discrepancy
Kim's 2021 asset statement listed 1.2 billion won, significantly less than the actual value of his Bitcoin holdings. Evidence shows Kim converted substantial crypto assets and deposited some amounts into bank accounts to avoid scrutiny.
Legal Repercussions
The prosecution contends such behavior violates asset declaration laws and undermines trust in public authorities. This has prompted calls for stricter financial disclosure regulations for public officials.
The Kim Nam-guk case highlights the need for stricter transparency and accountability standards in managing public officials' assets.
