Kim Nam-guk cleared of cryptocurrency asset underreporting allegations

South Korean police have decided not to forward charges against Democratic Party lawmaker Kim Nam-guk regarding allegations of underreporting his assets. The Ansan Sangnok Police Station announced that Kim was cleared of violating the Public Official Election Act through the publication of false information.

The investigation was triggered by a complaint from Kim Seok-hoon, a People Power Party candidate, who alleged that Kim Nam-guk intentionally omitted 4.7 billion won from his asset reports after selling cryptocurrency between January and October 2022. The complainant also questioned the significant decrease in Kim's reported wealth leading up to the election.

Police investigators examined two years of asset changes and determined that the 4.7 billion won from the cryptocurrency sale was reinvested into other digital assets. The subsequent decline in total assets was attributed to the falling market value of those investments rather than intentional concealment.

Additionally, police declined to forward charges in a countersuit filed by Kim Nam-guk against Kim Seok-hoon for false information and false accusation. Authorities stated that the complainant's allegations were based on existing media reports and public records, suggesting there was no intent to spread falsehoods and noting the importance of protecting freedom of expression during candidate verification processes.