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Lee Chun-seok, a Democratic Party lawmaker facing allegations of stock trading under borrowed names, leaves the main chamber of the National Assembly in Seoul on August 5 after a vote on ending a filibuster over a broadcast law amendment. / Photo: Lee Byung-hwa

Lee Chun-seok, a lawmaker of the Democratic Party of Korea, withdrew from the party on August 5 amid allegations of illicit stock trading under borrowed names.

Kwon Hyang-yeop, a party spokesperson, announced, “Around 8 p.m. today, Rep. Lee called party leader Chung Cheong-rae and expressed his intention to voluntarily resign, saying, ‘I apologize for causing trouble to the party.’”

Following the media reports, Chung ordered an urgent internal investigation by the party’s Ethics Inspection Team. Kwon explained, “The party leader stated that since Lee is voluntarily resigning, there will be no further internal investigations or disciplinary action, and the matter should be thoroughly investigated by the police.”

Lee later issued an apology on Facebook, saying, “I deeply apologize for the anger and discomfort caused by news articles about me today. It is entirely my fault without excuse,” adding that he had also submitted his resignation as chair of the Legislation and Judiciary Committee.

“I will take full responsibility for the criticism directed at me,” he said. “I will cooperate fully with the investigation into the allegations and take time for self-reflection.”