[Comprehensive] "Disclose the Evidence" Geum Tae-seop, Controversy Over 'Dad Chance' and 'Gold Spoon Chance' Continues

The Democratic Party Launches Full-Scale Attack Over Geum Tae-seop's Children’s Multi-Billion Won Wealth Controversy
Ha Seung-soo: "We Just Need to Verify If It Was Properly Declared"
Related Controversy Expected to Grow Ahead of Seoul Mayoral Candidacy

Former Democratic Party lawmaker Geum Tae-seop Photo by Yonhap News

[Asia Economy Reporter Han Seung-gon] Former Democratic Party lawmaker Geum Tae-seop is facing criticism mainly from the ruling party for gifting assets worth several hundred million won each to his two sons in their 20s, with accusations of so-called 'Dad Chance' and 'Silver Spoon Chance.' Although Geum stated that the gifts were made through legal procedures, demands for disclosure of supporting documents are growing. As the controversy continues, Geum's side announced that they will request an objective verification from the Election Commission.

Separately from this controversy, there is criticism that Geum previously urged former Minister of Justice Cho Kuk to apologize for mentioning suspicions related to his children, saying it did not align with public sentiment, and this controversy is also criticized as problematic in terms of social sentiment regardless of legality.

Furthermore, Geum has expressed his intention to run as an opposition candidate in next year's 'April 7 Seoul mayoral' election, which is expected to further escalate related controversies.

According to the 2020 regular asset change report disclosed in the March National Assembly bulletin, Geum's declared assets amount to 8.03913 billion won based on the asset declaration standard. Geum himself, his spouse, and his two sons jointly own a villa located in Cheongdam-dong, Gangnam-gu, Seoul. Each holds a 1/4 share, valued at 730 million won each. The two sons also hold deposits worth 870 million won each.

The ruling party has criticized the fact that young people in their 20s possess assets worth hundreds of millions of won as incomprehensible.

Democratic Party lawmaker Kim Nam-guk wrote on his Facebook on the 19th, "He 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," adding, "He is not qualified to be Seoul mayor but definitely qualified to join the People Power Party."

He questioned, "How did people in their 20s pay the gift tax?" and pointed out, "By the way, the money used to pay the gift tax on behalf of the children also counts as a gift and must be taxed." He then condemned, "That is exactly the silver spoon 'Dad Chance.'"

Open Democratic Party lawmaker Kim Jin-ae also pointed out on her Facebook the same day, "Why are there so many 'hundreds of millions scandals' around the People Power Party, such as Geum Tae-seop's two sons with 3.2 billion won, Joo Ho-young with 2.3 billion won, Park Deok-heum with 100 billion won, and Cho Soo-jin with 1.1 billion won? The process of asset formation has not been properly revealed, so what are the media doing?"

Former Democratic Party lawmaker Choi Min-hee raised suspicions, asking, "Is it true that the two sons born in 1994 and 1999 each have assets worth 1.6 billion won? Are the 1/4 shares of the luxury villa in Cheongdam-dong owned by the two sons gifts or joint funds?"

Former lawmaker Geum Tae-seop, who left the Democratic Party of Korea, is giving a lecture at the National Assembly Members' Office Building on the 18th at the People Power Party's freshman lawmakers' meeting 'Myeongbulheojeon'.
[Photo by Yonhap News]

Geum refuted the allegations regarding the process of asset formation for his two children, stating there is no problem.

On the afternoon of the 20th, Geum posted on his Facebook, "My late father-in-law gifted a house to the family at the end of 2015. I accepted it with gratitude and naturally paid all the gift taxes," adding, "Currently, this house is rented out under a lease, and the deposit is held in the form of a deposit."

He continued, "When I ran for the National Assembly in 2016, I transparently disclosed all assets, including this house," and said, "I was elected after 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." He also emphasized, "When the party and government urged lawmakers holding more than two houses to dispose of them, I complied," and "There have been no major changes after retirement."

However, there are voices calling for the disclosure of specific supporting documents rather than such explanations.

Regarding Geum's explanation that "all gift taxes were paid," Ha Seung-soo, co-representative of 'Catch the Tax Thief,' criticized on his Facebook, posting an article titled 'Fact Check Points on Former Lawmaker Geum Tae-seop's Gift Tax.' He stated, "Regarding the 1/4 share gift of the Cheongdam-dong Hyosung villa received from the father-in-law (estimated market price at the time was 3.5 billion won), according to calculations, Geum and his spouse should each pay about 181 million won, the eldest son about 236 million won, and the younger son about 247 million won, totaling approximately 845 million won in gift tax," and argued, "We just need to confirm whether this was properly paid."

He added, "Also, it should be confirmed how the eldest and younger sons prepared the gift tax. Since the gift tax is a considerable amount, it is necessary to verify how they raised this money," emphasizing, "Once this part is confirmed, the controversy related to the gift will be settled."

Meanwhile, Geum maintains that there is no legal issue. In a phone interview with JTBC on the 22nd, he said, "Baseless allegations continue, so I will request objective verification from the Election Commission."

Meanwhile, Geum recently formalized his candidacy for next year's 'April 7 Seoul mayoral' election, and as criticism and verification from the ruling party intensify, related controversies are expected to grow.

On the 18th, Geum said at a lecture invited by the People Power Party's freshman group regarding his possible Seoul mayoral candidacy, "I am deeply considering it with a sense of responsibility," adding, "If there is something I must bear, I will bear it." He continued, "There are various ways to cooperate and compete ahead of the election," and expressed his willingness to cooperate, saying, "When deciding on the method and approach, I will speak sufficiently and make all concessions."

Geum said, "Simply creating a party and changing the signboard will not make a difference. It will become chaotic due to power struggles, and existing supporters may leave," adding, "All forces seeking cooperation must change and innovate themselves. I want to call this a multiplicative alliance."