Geum Tae-seop, '1.6 Billion Won Property for Two Sons' Controversy
Kim Nam-guk "How to Pay Gift Tax? Gold Spoon 'Dad Chance'"
Kim Woong, a member of the People Power Party, is questioning Cho Myung-rae, Minister of Environment, during the National Assembly's Environment and Labor Committee's audit of the Ministry of Environment and the Korea Meteorological Administration held on the morning of the 23rd of last month at the Government Complex Sejong in Sejong City. Photo by Yonhap News
[Asia Economy Reporter Kim Suwan] Amid criticism from the ruling party regarding the controversy surrounding the assets of former Democratic Party lawmaker Geum Tae-seop's children, Kim Woong, a member of the People Power Party, criticized the Democratic Party, saying, "It seems like a malicious agency refusing to renew a contract and spreading scandals about the departing entertainer."
On the 20th, Kim posted on his Facebook, pointing out, "They didn't raise issues while he was in their party, but once he left, they all suddenly bring it up?"
He continued, "The asset transfer was said to have occurred in 2015, but wasn't Geum then a member of the Democratic Party?"
Previously, claims were made that Geum's eldest and second sons each have assets exceeding 1.6 billion won. Ha Seung-soo, co-representative of the Tax Thief Catchers, raised suspicions on his Facebook on the 18th, stating, "Geum's eldest and second sons each have assets exceeding 1.6 billion won," and questioned, "Where did the funds come from, and did they properly pay gift taxes?"
According to the 2020 regular asset change report disclosed in the National Assembly bulletin in March, Geum's declared assets amounted to 8,039,130,000 won based on the asset declaration standards.
Geum himself, his spouse, and two sons jointly own a villa located in Cheongdam-dong, Gangnam-gu, Seoul. Their shares are each one-fourth, amounting to 730 million won each. The two sons also hold deposits of 870 million won each.
Former lawmaker Geum Tae-seop, who left the Democratic Party of Korea, is giving a lecture at the 'Myeongbulheojeon' meeting of first-term lawmakers of the People Power Party at the National Assembly Members' Office Building on the 18th. Photo by Yonhap News
Criticism regarding Geum's allegations has also emerged in the political sphere. On the 20th, Kim Nam-guk, a Democratic Party lawmaker, posted on his Facebook, "Former lawmaker Geum, who strongly advocates for a fair society to other young people but helped his own children acquire shares in a luxury villa and hundreds of millions of won in cash," sarcastically added, "He may not qualify to be the mayor of Seoul, but he certainly qualifies to join the People Power Party."
He further criticized, "How could someone in their 20s have paid gift taxes?" and added, "By the way, the money used to pay the gift tax on behalf of the children also counts as a gift. That is exactly the 'silver spoon dad chance'."
Shin Dong-geun, a Supreme Council member of the Democratic Party, also criticized on his Twitter the day before, saying, "Born with a silver spoon, they could have quietly enjoyed life as ordinary citizens, but stirred up by conservatives, they are causing their family hardship over something impossible."
Meanwhile, former lawmaker Geum explained the related allegations, stating, "My late father-in-law gifted a house at the end of 2015, and according to his wishes, the family jointly owns the house," and added, "All gift taxes were paid."
Geum emphasized, "When I ran for the National Assembly in 2016, I transparently disclosed all assets, including this house," and said, "I was elected after undergoing the Democratic Party's verification and nomination process, and for four years as a public official, I registered and disclosed all assets according to procedures."
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