South Korean parliament rejects motion to expel lawmaker over crypto scandal
South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party.
A parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), the local news agency Yonhap reported on Aug. 30.
The subcommittee rejected the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided evenly over the motion in a 3–3 vote. A majority of votes was needed for the motion to be passed, the report notes.
As previously reported, Kim came under fire earlier this year when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens, developed by the South Korean blockchain game developer Wemade. Wemix tokens had been allowed for trading on major exchanges in South Korea before a local court ordered to delist the tokens on the platforms in late 2022.
Kim’s involvement in WEMIX investments spurred major concerns over potential conflicts of interest, using insider information and even money laundering. The case contributed to the rapid development of a legal initiative to require officials to report on their holdings of cryptocurrencies like Bitcoin (BTC) in South Korea.
Officials in South Korea are not alone in being asked to report on their cryptocurrency holdings in the country. In July, South Korea’s Financial Services Commission announced a new bill that would require all firms that issue or hold cryptocurrencies to disclose their holdings from 2024.
Related: SEC seeks to question Terraform Labs co-founder Daniel Shin in Korea
In mid-August, the South Korean city of Cheongju also said that it would start confiscating cryptocurrency from local tax delinquents, requiring exchanges, such as Upbit and Bithumb, to report on such perpetrators.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Asia Express: Bitcoin miner gets life in prison, China offers bounties for crypto firms
The Ministry of Defence is being urged to reveal details of a nuclear incident that took place at Faslane naval base earlier this year.
Figures show that a Category A event occurred at HMNB Clyde between 1 January and 22 April.
The Ministry of Defence (MoD) defines Category A as the most serious – however, it has claimed the incident was categorised as of “low safety significance” and did not pose a risk to the public or result in any radiological impact to the environment.
HMNB Clyde is based on the banks of Gare Loch at Faslane in Argyll and Bute.
It is the Royal Navy’s headquarters in Scotland and is home to Britain’s nuclear submarines, which includes the Vanguard vessels armed with Trident missiles.
A Vanguard nuclear submarine at HM Naval Base Clyde. Pic: PA
Nuclear Site Event Reports (NSERs) detail incidents at nuclear facilities and are classified based on their safety significance and impact.
Responding to a written question earlier this year by SNP MP Dave Doogan, Maria Eagle, minister for defence procurement and industry, confirmed dozens of incidents at Faslane and nearby RNAD Coulport – the storage and loading facility for the Trident programme.
Nuclear site events (22 April 2024 to 22 April 2025):
• Coulport: 13 Category C and 34 Category D
• Faslane: 1 Category A, 5 Category B, 29 Category C, and 71 Category D
Ms Eagle said she could not provide specific details of the Category A or B incidents “as disclosure would, or would be likely to, prejudice the capability, effectiveness or security of any relevant forces”.
She assured Mr Doogan that “none of the events caused harm to the health of any member of staff or to any member of the public and none have resulted in any radiological impact to the environment”.
In a letter to Mr Doogan, UK Defence Secretary John Healey said: “I can confirm that all reported events were categorised as of low safety significance.
“In accordance with the International Nuclear and Radiological Event Scale (lNES) significant safety incidents are categorised at the lowest level – level one of seven.
“Incidents that might fall into this category include equipment failures, human error, procedural failings or near misses where no harm [was] caused to the health of any member of naval base staff, any member of the public, or any resultant radiological impact to the environment.”
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In the past week, concerns have been reignited over the environmental and public health impact of the UK’s nuclear weapons programme.
It comes following an investigation by The Guardian and The Ferret, which uncovered radioactive water from RNAD Coulport had leaked into Loch Long due to faulty old pipes back in 2019.
The secrecy battle went on for six years.
The Scottish Environment Protection Agency (SEPA) reported the discharges were “of no regulatory concern”, while the MoD said there had been “no unsafe releases of radioactive material” into the environment.
In response to the “catalogue of failures”, the SNP’s deputy leader is calling for an “urgent explanation” from the UK government as to what actually happened at Faslane.
MSP Keith Brown said: “Nuclear weapons are an ever-present danger and this new information is deeply worrying.
“With repeated reports of serious incidents at Faslane and now confirmed radioactive contamination in Loch Long, it’s clear these weapons are not only poorly maintained but are a direct threat to our environment, our communities, and our safety.
“Worse still, the Labour government is refusing to provide any details about the Category A incident.”
The MoD said it was unable to disclose the details of the incidents reported for “national security reasons”, but stressed all were categorised as of “low safety significance”.
A spokesperson for the MoD said: “We place the upmost importance on handling radioactive substances safely and securely.
“Nuclear Site Event Reports demonstrate our robust safety culture and commitment to learn from experience.
“The incidents posed no risk to the public and did not result in any radiological impact to the environment. It is factually incorrect to suggest otherwise.
“Our government backs our nuclear deterrent as the ultimate guarantor of our national security.”
Military Bank, a Vietnamese state-controlled lender, has partnered with the parent company of South Korea’s Upbit exchange, Dunamu, to develop a cryptocurrency exchange.
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