The ruling People Power Party (PPP) apologized Wednesday after Seoul's Guro Ward chief resigned abruptly in protest of a government order to place his stocks in a blind trust. Moon Hun-il, who was elected on the PPP ticket in June 2022, submitted his resignation to the Guro council on Tuesday after losing his lawsuit against the government order in an appellate trial. By law, all lawmakers and senior government officials are required to sell their stock holdings or put them in a blind trust during their time in office if the government deems the assets to be related to the job. Moon is the founder of information and communications equipment firm Moon Engineering, and reportedly owns 17 billion won (US$ 12.48 million) worth of shares in the company. "The Guro-A chapter feels strong responsibility for nominating and getting elected former ward chief Moon and apologizes to residents," Ho Jun-seok, a PPP spokesperson and chief of the Guro-A constituency chapter, wrote on Facebook. "We are also sincerely sorr y that following the courts' decision, Moon chose resigning from public office over the blind trust without consultations with the party," he added. Moon's resignation triggers a by-election next April to choose his successor. Source: Yonhap News Agency