Yongin—A lawmaker from the main opposition Democratic Party has been referred to the prosecution on charges of underreporting his personal assets in the lead-up to April's general elections, officials confirmed on Tuesday. The police action adds a significant legal challenge for the lawmaker amid heightened scrutiny of political transparency.
According to Yonhap News Agency, Rep. Lee Sang-sik was referred to the prosecution without physical detention for violating the Public Official Election Act. The referral follows a March complaint by the ruling People Power Party (PPP), which accused Lee of diminishing the declared value of his assets, including luxury artworks, during the mandatory asset disclosure phase prior to the elections. The PPP alleged that Lee had adjusted the reported amount of cash assets from 500 million won (US$365,023) to 350 million won and noted a substantial increase in the assets held by his spouse, which rose by over 5 billion won in four years while only 18 million won in taxes were paid. Lee responded to the initial allegations by stating that the increase in value of his wife's art collection, from 1.5 billion won in 2020 to potentially four times that amount recently, was not reflected in tax payments since the profits were unrealized with the artworks still in their possession.
On Tuesday, Lee told Yonhap News Agency by phone that the charges specifically concern his failure to update the asset declaration to reflect the increased value of the art collection, though he declined to comment further on the ongoing case.