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Former South Korean lawmaker Kim Nam-guk faces a 6-month sentence as prosecutors seek punishment for concealing 10 billion Korean won in Virtual Money assets
Wu said that, according to the 'East Asia Daily', on December 18, the Korean prosecutors recommended a 6-month imprisonment to former Democratic Party of Korea lawmaker Kim Nam-guk by the Seoul Southern District Court for forging parliamentary property declaration. Kim Nam-guk was accused of concealing his Cryptocurrency assets, amounting to as much as 9.9 billion Korean won in 2021 and 2022, by falsifying property declarations, partially converting Virtual Money into bank deposits to adjust the total property value, and retaining the rest in the form of Cryptocurrency. The prosecutors pointed out that this behavior was aimed at obstructing the parliamentary ethics committee's property review and was the result of his failure to declare his holdings of Cryptocurrency. The case is still under trial.