Ruling party lawmaker accused of trading stocks under someone else's name

South Korea’s ruling Democratic Party of Korea launched an internal probe Tuesday after a lawmaker was photographed while appearing to trade stocks under another name during a parliamentary session.

This sparked speculations that the lawmaker may not have declared his assets, which he is required to do as a public official.

Local media published an image in which Rep. Lee Choon-suak, chair of the National Assembly’s Legislation and Judiciary Committee, is seen using his phone to access trading windows for Naver and LG CNS shares. The account name did not match his, prompting allegations of borrowed-name trading.

Rep. Joo Jin-woo of the main opposition People Power Party said he would file a criminal complaint, accusing Lee of violating the Act on Real Name Financial Transactions and Confidentiality and the Public Service Ethics Act.

“Borrowed-name stock trading is a serious crime that exploits retail investors,” Joo said, adding that omitting such assets from mandatory disclosures could call Lee’s qualifications into question.

The Legislation and Judiciary Committee is considered one of the most influential in South Korea’s Assembly, serving as the final gatekeeper for bills heading to a plenary vote at regular sessions.

The Democratic Party’s ethics oversight panel will lead the internal inquiry.