Rep. Kwak Sang-do from the main opposition People Power Party(PPP) offered to quit the party on Sunday after media reports that his son received a massive severance pay from a firm at the center of a land development scandal. 

After an emergency meeting of the party's Supreme Council on Sunday, PPP floor leader Kim Gi-hyeon said Sunday that Kwak submitted to a regional party chapter a document to leave the party. 

Kwak's son reportedly received five billion won in severance pay in March from Hwacheon Daeyu Asset Management after working there for about seven years. 

The firm is suspected of receiving favors and reaping huge gains in a development project in Seongnam, Gyeonggi Province, when Gyeonggi Governor Lee Jae-myung was mayor of that city.

The PPP floor leader said that regardless of Kwak's legal responsibility in relation to his son's severance pay, the party feels a heavy sense of responsibility regarding political accountability as a public figure. 

Kim then repeated calls for a parliamentary investigation and a probe into the case by an independent counsel.