Lee Jae-myung: "I am the 'Mastermind of Daejang-dong'... I designed the Seongnam City recovery profits, not the private sector"

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the Democratic Party presidential candidate, said on the 18th, "I am indeed the designer of Daejang-dong."

At the National Assembly Public Administration and Security Committee's audit of Gyeonggi Provincial Government held at the Gyeonggi Provincial Office that day, in response to a question from Lee Young of the People Power Party, Lee said, "They want to distort it as if I was talking about dividing the internal profits of private businesses, but the clear fact is that I designed the method, procedure, and guarantees for recovering internal profits of Seongnam City."

He added, "It was your party, the People Power Party, that suggested giving the profits all at once," and said, "The People Power Party city council harassed me for four years to have private development."

Regarding the project design details, he explained, "If land prices rise, it can be a profit for the developers, but if an unpredictable decline occurs, the developers suffer losses while we secure fixed profits," and emphasized, "Administration should not engage in speculation."

In response to criticism that major matters related to Daejang-dong were omitted from the Seongnam Urban Development Corporation's report, he said, "People Power Party lawmakers released it to the media, but I instructed that a Special Purpose Corporation (SPC) be created or that the private sector be absolutely prohibited from conducting the project," adding, "Ultimately, we secured 440 billion KRW by choosing the option that yields the most profit, and I was informed that the development profits on that side were minor. Is there any reason to deliberately omit detailed reports?"