Kim Nam-kuk, former lawmaker expected to join Lee Jae-myung's administration, appeal trial over cryptocurrency concealment allegations starts in July
The appeal trial regarding the allegations of hiding cryptocurrency holdings against Kim Nam-kuk, former member of the Democratic Party, who is set to join the Presidential Office as the digital communication secretary in Lee Jae-myung's administration, will officially begin next month.
According to the legal community, the 3-1 Criminal Appeals Division of the Seoul Southern District Court, presided over by Judges Lim Seon-ji, Cho Kyu-seol, and Yoo Hwan-woo, is scheduled to hold the first trial on July 17 for the appeal concerning the charge of obstructing the performance of public duties by deceit.
Former lawmaker Kim is accused of deliberately omitting assets worth several billion won gained from cryptocurrency investments during the asset declaration process for lawmakers in 2021 and 2022.
According to prosecutors, Kim concealed approximately 9.9 billion won in cryptocurrency deposits during the 2021 asset declaration, reporting a total of about 1.2 billion won, and similarly hid around 990 million won in 2022.
Background of the not guilty verdict in the first trial and the prosecutor's appeal
However, in the first trial held in February, the court stated, "The virtual assets mentioned in the charges at the time are not subject to registration in the asset declaration for lawmakers, making it difficult to see an obligation to report," and acquitted Kim.
The court also ruled, "It is difficult to see that any deception was exercised" and concluded that "this falls under the case where there is no proof of crime."
In response, the prosecution immediately indicated their intention to appeal on the same day as the first trial verdict.
The prosecution argues that Kim's false declaration of the reason for his asset change as 'sale of held stocks and salary' is similar to cases previously recognized as guilty by existing courts.
During the first trial process, the prosecution sought a sentence of six months in prison for Kim.
Meanwhile, following the not guilty verdict in the first trial, Kim stated, "The fact that I was indicted for not reporting something that is not even subject to declaration may be unique in the world," and added, "The political and arbitrary abuse of prosecutorial power is a serious issue."
Recently, it has been reported that Kim is appointed as a member of President Lee Jae-myung's staff.
As one of the original members of the pro-Lee faction’s 'Seven Members Group', he is expected to join as the digital communication secretary in the Presidential Office.
Attention is drawn to what kind of political repercussions will arise from appointing someone with ongoing legal disputes related to cryptocurrency to a government position.
Image source: Kim Nam-kuk, former member of the Democratic Party / News1, News1
