'5 Billion Retirement Pay' Report Leads to Kwak Sang-do's Sudden Resignation from People Power Party After 13 Hours (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] On the 26th, Assemblyman Gwak Sang-do left the People Power Party. This came 13 hours after it was revealed that his son received 5 billion won as severance pay from Hwacheon Daeyu, which has recently been embroiled in controversy.

A representative from Assemblyman Gwak's side stated on the same day, "He has submitted his resignation from the party."

Earlier, a media outlet reported that Gwak's son, Mr. Gwak, joined Hwacheon Daeyu, the developer of Daejang-dong, in June 2015 and resigned in March of this year, receiving 5 billion won as severance pay. Regarding this report, Gwak's son explained, "I worked hard, was recognized, and it is true that I earned a lot of money due to health issues," adding, "After withholding tax, I received 2.8 billion won."

However, when the fact that Gwak's son worked at Hwacheon Daeyu became controversial, Assemblyman Gwak initially did not disclose that his son received tens of billions of won in severance pay, only revealing that he received a salary ranging from 2.33 million to 3.83 million won.

Kim Ki-hyun, floor leader of the People Power Party, held an emergency supreme council meeting and said at a press conference, "I have just received a report that Assemblyman Gwak submitted his resignation to the Daegu City Party," adding, "Whether Assemblyman Gwak bears legal responsibility will be clarified during the investigation process, but regardless of that, our People Power Party feels a heavy sense of responsibility regarding his political accountability as a public figure."