Former six-term main opposition Democratic Party(DP) representative and National Assembly deputy speaker Lee Seok-hyun has announced his defection to help former DP leader Lee Nak-yon found a new party.

At a press conference on Friday, Lee said the DP has lost its sense of democracy, justice, morality and fairness under the leadership of Lee Jae-myung, likening the party to the Titanic just before its sinking.

The veteran politician said the new party will serve as a life raft for DP members as well as the general public seeking an alternative amid state disorder under the Yoon Suk Yeol administration.

Stating that he is quietly preparing to launch the party, the fresh defector said details are set to be officially announced after January 1.

Asked about the possibility of narrowing differences between the former and current DP chiefs, the former deputy speaker said the resignation of the current leader would not offer a solution.

He said the party can reform only when members of a faction close to the current leader are barred from arbitrary involvement in nominations for April's general elections.