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FSS chief offers to resign after election watchdog finds past political donation unlawful

All Headlines 20:49 April 16, 2018

(ATTN: INCORPORATES story slugged election watchdog-FSS chief)

SEOUL, April 16 (Yonhap) -- Financial Supervisory Service Gov. Kim Ki-sik offered to resign Monday after the country's election watchdog concluded that the former legislator breached the law in 2016 when he donated money to a lawmakers' association led by him.

Kim has been widely expected to step down after the National Election Commission reached the decision, as President Moon Jae-in pledged to sack Kim if any illegality was found in his past acts, including the so-called "self donation" and overseas trips Kim took with money from institutions under the oversight of his parliamentary committee.

Kim donated 50 million won (US$46,566) to the association of Democratic Party lawmakers, named "The Better Future," in May 2016 right before his term as a lawmaker ended. Critics have charged that the money was part of Kim's leftover political funds and he should have returned it to state coffers.

Kim has also been under pressure to resign following revelations that three overseas trips he made as a lawmaker in 2014 and 2015 were funded by financial and research institutions under the oversight of his parliamentary financial committee.

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