Concerns Raised Over Kim Min-seok's Wealth Accumulation Amid Nomination

16 hours ago
Concerns Raised Over Kim Min-seok's Wealth Accumulation Amid Nomination

On June 14, lawmaker Joo Jin-woo from the People Power Party called on Prime Minister nominee Kim Min-seok to clarify his "abnormal wealth accumulation." Joo expressed skepticism about Kim's financial activities from 2020 to 2025, stating that Kim earned 510 million KRW as a member of the National Assembly but had no other income during that period. Despite this, Kim reportedly paid 620 million KRW in fines, spent 230 million KRW on credit cards and cash, and donated 200 million KRW. Joo pointed out that Kim likely incurred additional expenses for his son's international school, Cornell University tuition, rent, and interest on debts, yet his savings reportedly increased. Joo questioned how this was possible, suggesting that even the "hotel economy theory" could not explain it.

Earlier, on June 10, President Lee Jae-myung submitted a request for Kim's confirmation, revealing that Kim reported assets of 215.04 million KRW after deducting debts. However, in 2020, Kim's net worth was reported as -580.95 million KRW due to unpaid fines from a 2010 political fund law violation. Despite having assets of 666.59 million KRW, he had debts totaling 1.24755 billion KRW, including unpaid fines. Kim's net worth reportedly surged after he settled outstanding fines last year. On June 13, Kim stated on Facebook that he had fully paid all fines, taxes, and penalties related to the political fund law violation, but did not disclose the sources of his funds.

What do you think?

0 reactions

Happy Emotion
0
Love
Laugh Emotion
0
Haha
Unhappy Emotion
0
Grrr
Cry Emotion
0
Sob
Learn to speak Korean with HolangiLessons, exercices and vocabulary practice

Trending

More

Korea Guides

Get started with Holangi!
Register now to unlock exercises and cards