Top court nominee withdraws amid controversial equity investment

President Moon Jae-in's pick for a new Constitutional Court justice withdrew her nomination on Friday amid growing controversy over her dubious equity investment.

Lee You-jung, an attorney and law professor, said in a statement that she is pulling out because she does not want to be a “burden on the President and the court.” She was nominated on Aug. 8 to fill the vacancy in the nine-member court.

Lee, 49, has faced scrutiny over her recent stock investment, which earned her some 1.2 billion won ($1.08 million) for the past 18 months. Records show she reaped 570 million won by trading shares in a company which is a client of her law firm.

The nation's financial watchdog reportedly decided on Thursday to investigate allegations that she may have used insider information.

Lee denied the allegations but apologized "for failing to meet the public's expectation of high ethical standards for public officials."

During her confirmation hearing on Monday, opposition lawmakers also raised questions about her political neutrality citing her close relation with the ruling Democratic Party. Lee's appointment does not require parliamentary consent. (Yonhap)