[Exclusive] People Power Party to Review '550.3 Billion'... Seongnam City and Development Corporation to Visit in Protest

Investigation TF Second Field Visit in Seongnam
"Need to Verify if It Matches Public Interest Recovery"
TF Chairman Lee Heun-seung Meets with Seongnam Mayor Eun Soo-mi and Others

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] On the 27th, the People Power Party will make a protest visit to Seongnam City and Seongnam Urban Development Corporation regarding Gyeonggi Governor Lee Jae-myung's 'Daejang-dong preferential treatment allegations.' The purpose is to examine the project details by visiting the No. 1 Industrial Complex Park, known as the usage site of the 550.3 billion KRW recovered development profits, and to scrutinize the claim of public recovery of the 550.3 billion KRW.

According to a People Power Party official on the 24th, the 'Lee Jae-myung Gyeonggi Governor Daejang-dong Gate Truth Investigation Task Force' has finalized the schedule to meet with Eun Soo-mi, Mayor of Seongnam, and Yoon Jung-soo, President of Seongnam Urban Development Corporation, on the 27th, followed by visits to the No. 1 Industrial Complex Park and the northern tunnel, which are considered part of the public recovery of Daejang-dong profits. Attendees include Task Force Chairman Lee Heon-seung, and People Power Party lawmakers Park Soo-young, Song Seok-jun, Kim Eun-hye, and Yoon Chang-hyun.

According to Lee Jae-myung's camp, the specific details of the 550.3 billion KRW development profits recovered by Seongnam City are ▲ No. 1 Industrial Complex Park construction costs (256.1 billion KRW) ▲ business dividend profits equivalent to rental housing sites (182.2 billion KRW) ▲ additional construction of 400 underground parking spaces in No. 1 Industrial Complex Park (20 billion KRW) ▲ northern tunnel, Daejang IC expansion, and drainage facilities (92 billion KRW), among others.

The People Power Party states that among these, the construction of No. 1 Industrial Complex Park, which consumed the largest portion (256.1 billion KRW) of the recovered 550.3 billion KRW, has become a burden on Seongnam City as it lost a lawsuit against the private developer and now has to pay 30 billion KRW of city taxes. They plan to focus their scrutiny particularly on the content and appropriateness of the 550.3 billion KRW development profit recovery project.

A People Power Party Daejang-dong Task Force official said, "Although Governor Lee claims to have recovered 550.3 billion KRW as 'confirmed profits,' when looking into the usage of that money and the progress of the projects, there are many issues with site selection and project feasibility," adding, "The Task Force will examine whether the projects are appropriate."