Rep. Kim Nam-kuk of the main opposition Democratic Party (DP) said Sunday he will leave the party amid snowballing allegations of his involvement in massive cryptocurrency dealings.
"Today, I am briefly leaving the Democratic Party that I love," he wrote on his Facebook page. "I decided that it would not be right to be a burden to the party and party members any longer."
Kim has come under fire following revelations he owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million), a significant amount inconsistent with his frugal image.
Allegations further surfaced that the first-term lawmaker traded cryptocurrency coins while he was attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.
"I believe I should not cause any kind of harm to the party at this important time," he said. "From now on, as an independent lawmaker, I will stand up to the unjust political offensive until the end and uncover the truth."
Kim added he will demand legal accountability over the numerous news reports he said were based on false information over the past week.
Kim reportedly made the decision after discussing possible solutions with party members in his constituency in Ansan, 29 kilometers south of Seoul, the previous day.
The lawmaker has maintained his innocence, saying there were no illegalities in his possession of or dealings in cryptocurrencies.
With his departure, the DP is expected to halt its fact-finding investigation and ethics inspection over the scandal, as the party has no authority to conduct an investigation into an independent lawmaker.
The ruling People Power Party (PPP) demanded Kim give up his parliamentary seat, saying DP lawmakers have a track record of dodging responsibility by quitting the party.
Rep. Kang Min-kuk, a senior party spokesperson, urged the DP to take active steps to force Kim out of office.
"Judging from Rep. Kim's attitude, he is showing no sign of remorse, let alone stepping down voluntarily," he said in a statement.
A general meeting of DP lawmakers is set for later Sunday as the party strives to contain the fallout from a string of scandals, including a political funding scandal, ahead of next year's parliamentary elections.
A recent public opinion survey showed the DP has lost support among young voters in their 20s and 30s.
The meeting will discuss possible reform measures based on the results of a survey conducted on party lawmakers.
"If we continue on this path, the people will turn their backs on the party," one DP lawmaker said.
Source: Yonhap News Agency