Yoon Seok-yeol's Side Says Kim Geon-hee's Securities Transactions Were "Normal Transactions"
[Asia Economy Reporter Heo Midam] Former Minister of Justice Cho Kuk criticized the allegations against Kim Gun-hee, wife of former Prosecutor General Yoon Seok-yeol, regarding Deutsche Motors, calling it a "Private Equity Fund Yoon-Ronambul (Yoon Seok-yeol + double standards)."
On the same day, Cho posted on his Facebook, "Some 'progressive' figures say, 'Private equity funds are a problematic capitalist profit-seeking method. Whether lending or investing, it is true that Jeong Gyeong-sim put money into the private equity fund, and this is immoral,' I heard such criticism," he began.
He recalled, "In the early 2019 prosecution investigation, they spread the absurd rumor that 'Cho Kuk put money into a private equity fund to run for president.' Former Secretary General of the National Assembly Yoo In-tae also criticized, saying, 'It is unacceptable for someone who served as the Blue House Senior Secretary for Civil Affairs to have a private equity fund.'"
He continued, "Those same people remain silent about Kim Gun-hee purchasing new stock subscription rights from Deutsche Motors at a low price and reselling them to a private equity fund, earning an 82.7% return," adding, "Or they might be defending it as a legal investment. The reporters who attacked me with hundreds or thousands of articles about private equity funds are quiet," he pointed out.
Former Prosecutor General Yoon Seok-yeol is answering questions from reporters on the morning of the 6th at the National Daejeon National Cemetery, Section 2, War Dead Cemetery of the Battle of Yeonpyeong, Yuseong-gu, Daejeon. [Image source=Yonhap News]
He also said, "There is news that former Secretary General Yoo will soon meet with Yoon Seok-yeol," and questioned, "Looking back, isn't Kim Gun-hee the real private equity fund expert?"
Furthermore, Cho added, "I don't know if Yoon Seok-yeol remembers his own statement to former Minister Park Sang-ki that 'private equity funds are something only swindlers do.' There was a solemn judgment from a leading presidential candidate who was once the head of the 'Prosecution Party,' so what is the prosecution doing?"
Finally, he said, "In the Cho Beom-dong ruling, the court judged, contrary to the prosecution and media claims, that Jeong Gyeong-sim lent money to her cousin Cho Beom-dong, who was operating the private equity fund," adding, "This loan was made during my time as a professor before I became the Senior Secretary for Civil Affairs."
Earlier that day, a media outlet raised suspicions that Kim Gun-hee gained profits through preferential securities transactions with Kwon Oh-soo, chairman of Deutsche Motors, between 2012 and 2013.
In response, Yoon's side rebutted in a statement, "It was a normal transaction, and there was no preferential treatment whatsoever." They added, "Former Prosecutor General Yoon reported this process fully during his public official asset registration and was verified as a normal transaction through numerous screenings, including the confirmation hearing. We strongly regret the distortion of facts now portraying it as a 'preferential transaction.'"
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