South Korea: National Assembly Approves PM Nominee Kim Min-Seok

(MENAFN- IANS) Seoul, July 3 (IANS) The South Korean National Assembly on Thursday endorsed President Lee Jae Myung's pick for prime minister, although all lawmakers from the main opposition People Power Party (PPP) boycotted the vote over allegations surrounding his wealth and family.

The Assembly passed the confirmation motion for Kim Min-seok in a 173-3 vote with three invalid ballots during a plenary session. The approval came 29 days after Lee nominated Kim, a four-term lawmaker of the ruling Democratic Party (DP), as Prime Minister.

Only lawmakers of the DP, which currently holds a parliamentary majority, and other minor parties participated in the vote.

In South Korea, the prime minister is the only Cabinet post that requires parliamentary approval.

The DP earlier said it will push ahead with the confirmation unilaterally even if the PPP disagrees, while the PPP has demanded Kim's withdrawal, calling him an unqualified nominee.

At the session, the Assembly also passed a revision of the Commercial Act that would expand the fiduciary duty of corporate board members to all shareholders.

The rival parties had clashed over the rule that would limit the voting rights of the largest shareholder in a company to 3 per cent when an auditor is being selected, but agreed Wednesday to put the bill to a vote after making amendments to the rule.

A revision to the Martial Law Act that bans the entry of the military and police into the National Assembly is also expected to be proposed during the session, Yonhap news agency reported.

Earlier on June 24, Kim Min-seok had undergone two days of confirmation hearings at the National Assembly, as the main opposition party demanded his withdrawal over allegations surrounding his wealth and family.

Since his nomination by President Lee Jae Myung earlier this month, Kim has come under increased scrutiny over his past conviction for accepting illegal political funds, his significant increase in assets over the last five years, his son's college admissions and his own studies at China's Tsinghua University, among other issues.

The main opposition People Power Party had demanded his withdrawal, but the ruling Democratic Party has cast the allegations as politically motivated attacks and defended the nominee.

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