Lee Jae-myung: "Yoon, Explain Why Daejang-dong Loan Investigation Was Excluded... If Intentional, It's Neglect of Duty" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the Democratic Party presidential candidate, urged Yoon Seok-yeol, the People Power Party’s presidential candidate and former Prosecutor General, to explain why there was no investigation into the Daejang-dong project financing (PF) funds during the 2011 ‘Busan Savings Bank scandal.’

At the time of the investigation into the Busan Savings Bank’s bad loan case, former Prosecutor Yoon was the lead prosecutor and head of the Supreme Prosecutors’ Office’s Central Investigation Division 2. The Daejang Project Finance Investment (Daejang PFV), the implementing company of the Daejang-dong development project, borrowed 180.5 billion KRW in PF funds from 11 savings banks around 2009, of which 115.5 billion KRW was executed by five affiliated banks of the Busan Savings Bank Group.

On the 17th, Lee posted on Facebook titled, “Candidate Yoon Seok-yeol, stop copying Hong Joon-pyo and explain why the Daejang-dong loan corruption investigation was excluded.” In the post, he wrote, “The governance of South Korea, one of the world’s top 10 economies, is not something you can learn roughly in a few months from a sloppy teacher,” adding, “I had some expectations when you resigned from your lifelong career as a prosecutor to run for president and said you would study hard. But as I feared, it was as expected.”

He continued, “As time goes by, you only say things that make no sense about who you learned from. Did you learn that from your teacher Cheongong? Or from the grandmother who carved the character ‘왕 (king)’ on your palm?”

He also criticized Hong Joon-pyo, saying, “Giving irrelevant answers is Hong Joon-pyo’s trademark, and it seems you learned that from him as well.”

Lee said, “Busan Savings Bank made a reckless bad loan of 110 billion KRW to buy up land, claiming they would privatize the publicly developed Daejang-dong and monopolize the development profits,” adding, “If the People Power Party had not interfered, Seongnam City would have recovered all development profits through public development, developers would have been left homeless, and Busan Savings Bank would not have been able to properly recover the Daejang-dong loan.”

He added, “Thanks to the People Power Party’s help in blocking public development, developers who barely secured some development profits survived, and the funds were used to buy the house of Candidate Yoon’s father,” emphasizing, “The first step to being qualified as president is to fear the people who watch with a hundred million eyes wide open.”

He warned, “Don’t try to escape with irrelevant answers like Candidate Hong,” and pointed out, “If there was corruption but the investigation was deliberately avoided, that is a serious crime of dereliction of duty.” He urged again, “As the lead prosecutor in the Busan Savings Bank bad loan investigation, I strongly demand a convincing explanation as to why this clear loan corruption case was excluded from the investigation.”