SEOUL: The ruling People Power Party (PPP) issued an apology on Wednesday following the sudden resignation of the Guro Ward chief in Seoul, who stepped down in protest against a government mandate requiring him to place his stock holdings into a blind trust.
According to Yonhap News Agency, Moon Hun-il, the former chief of Guro Ward who was elected under the PPP banner in June 2022, resigned on Tuesday. His resignation came shortly after losing an appellate trial against the government’s order. This law mandates that all lawmakers and senior government officials must either sell their stock holdings or place them in a blind trust if those assets could potentially conflict with their duties.
Moon, who is also the founder of Moon Engineering, a firm specializing in information and communications equipment, reportedly possesses stocks valued at 17 billion won (approximately US$12.48 million). His decision to resign rather than comply with the blind trust requirement has stirred controversy and prompted an apol
ogy from his party.
“The Guro-A chapter feels a strong responsibility for nominating and electing former ward chief Moon and apologizes to the residents,” stated Ho Jun-seok, a spokesperson for the PPP and chief of the Guro-A constituency chapter, in a post on Facebook. He expressed sincere regret that Moon opted to resign without seeking advice from the party following the judicial decision.
Moon’s departure from his role has triggered the need for a by-election, which is scheduled for next April to select his successor.