Kim Young-chun "LCT Preferential Sale List Should Be Disclosed and Investigated by the Corruption Investigation Office"

Kim Young-chun, the Democratic Party of Korea candidate for Busan mayor, attended the nomination certificate awarding ceremony held at the National Assembly on the 9th and received the nomination certificate from Representative Lee Nak-yeon. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Kim Young-chun, the Democratic Party of Korea candidate for Busan mayor, revealed the list of preferential sales for LCT and argued that the High-ranking Officials' Crime Investigation Division (PCC) should investigate.

On the 9th, Kim stated on Facebook, "Another preferential treatment suspicion related to Haeundae LCT has surfaced. There was preferential treatment during the sales process, and the media has confirmed the list." He added, "According to reports, the preferential sales list is densely filled with the names of over 100 people, including current members of the National Assembly, former ministers, chief prosecutors, court presidents, high-ranking officials, famous businesspeople, financial group chairmen, hospital directors, and local media representatives."

He continued, "The preferential treatment is simple. The normal sales procedures were ignored, and these individuals were given their desired unit sizes and floors in advance. It is not difficult to infer the results of this preferential treatment. Considering that LCT sales rights carried premiums worth hundreds of millions of won, allowing them to secure popular floors and unit sizes is equivalent to handing over invisible bundles of cash. No one believes this process happened without any compensation."

Kim said, "From the start of the project, LCT was a wellspring of endless corruption, preferential treatment, and suspicion. During the 20th National Assembly, a sitting member of the Liberty Korea Party (now the People Power Party) was arrested on charges of receiving money during the LCT development project approval process." He emphasized, "The media and investigative agencies must disclose the list and conduct thorough investigations and strict punishments to leave no room for suspicion."

He added, "In 2017, the prosecution indicted only two company officials out of 43 people reported by Busan People's Solidarity for preferential sales suspicions, while dismissing the rest without charges. The PCC must step in."