Gwak Sang-do "I feel sorry for Lee Jae-myung... My son is just an employee receiving 2.5 million won at Hwacheon Daeyu"

"The Hwacheon Daeyu Daejang-dong Development Project Has Nothing to Do with Me"

Kwak Sang-do, member of the People Power Party. [Image source=Yonhap News]

[Asia Economy Reporter Yoon Seul-gi] Amid controversy over allegations that Lee Jae-myung, then mayor of Seongnam, gave special favors to Hwacheon Daeyu Asset Management (Hwacheon Daeyu) in the Daejang-dong development project, Gwak Sang-do, a member of the People Power Party, claimed, "My son, who joined Hwacheon Daeyu and barely received a monthly salary of 2.5 million won, is just a company employee," and criticized Lee by saying, "It is pitiful for someone who wants to become president."

On the afternoon of the 17th, Representative Gwak posted on his Facebook, saying, "The Daejang-dong development project by Hwacheon Daeyu has nothing to do with me."

He continued, "Lee Jae-myung, who took the largest profit of 500 billion won from the development project and designed the profit distribution structure, is the undisputed owner of the Daejang-dong development project," adding, "My son started working around June 2015, after Seongnam Utd., in which Hwacheon Daeyu holds 14.28% of common shares, was designated as the preferred negotiator, and for nearly the first three years, he reportedly received a monthly salary of 2.5 million won."

Representative Gwak added, "This was only possible because Governor Lee Jae-myung selected Hwacheon Daeyu as the project operator," and "My son entered the company and worked diligently on the tasks assigned to him."

Furthermore, Representative Gwak raised his voice, saying, "Governor Lee Jae-myung is involved in permits, project supervision, and profit recovery, so there are many things to explain," but "I have never done anything related to Hwacheon Daeyu while in public office, and since I was not involved, dragging me into this will not be helpful."

Meanwhile, when the opposition party's attacks intensified asking "Whose is Hwacheon Daeyu?" Lee posted on Facebook on the morning of the 17th, responding, "The People Power Party has formed a Daejang-dong development TF, but I recommend investigating insiders first, including Representative Gwak Sang-do," and added, "You can ask Representative Gwak's son, who is said to be Hwacheon Daeyu's 'first employee' and has worked there for seven years."