Sim Sang-jung "Giving 1000 Times Profit to Big Thieves While Obsessing Over Small Certain Gains... The Point of Public Anger"
Justice Party presidential candidate Shim Sang-jung is questioning Gyeonggi Governor Lee Jae-myung at the National Assembly Land, Infrastructure and Transport Committee's audit held on the 20th. / Photo by Shim Sang-jung's office
[Asia Economy Reporter Kang Juhee] Justice Party lawmaker Shim Sang-jung and Gyeonggi Province Governor Lee Jae-myung clashed during the National Assembly Land, Infrastructure and Transport Committee's audit of Gyeonggi Province on the 20th regarding the Daejang-dong scandal. Lawmaker Shim strongly pressured Governor Lee, saying, "Those who received money = criminals, those who designed it = sinners."
During the audit, Shim pointed out, "There is a big gap between the public's thoughts and Governor Lee's thoughts on the Daejang-dong project," adding, "70% of the public holds Governor Lee responsible."
Shim first asked, "Governor Lee has consistently expressed a strong will to recover unearned income to address inequality and asset disparity. How do you think the Daejang-dong project contributed to resolving asset disparity?"
He continued, "What makes the public furious is how someone who invested 80 million won could earn 100 billion won, more than 1,000 times the investment. Even though South Korea is a speculative republic, how could such unimaginable privileges occur in a local government project? How did Seongnam City design and manage this? The public is asking these questions," he criticized.
Shim explained, "According to estimates by civic groups, the development profit from Daejang-dong (including apartment sales) is about 1.8 trillion won," then questioned, "Looking at the project proposal, the original plan included apartment sales, so why was it changed to a land development project?" Governor Lee responded, "I don't know well. It is a commissioned project, so I cannot know the details."
Lee Jae-myung, the presidential candidate of the Democratic Party of Korea and Governor of Gyeonggi Province, is responding during the National Assembly Land, Infrastructure and Transport Committee's audit of Gyeonggi Provincial Government held at the Gyeonggi Provincial Office in Suwon, Gyeonggi Province on the 20th. / Photo by National Assembly Press Corps [Image source=Yonhap News]
Shim pointed out, "It is true that Governor Lee recovered 70% from the land development project, but if you base it on 1.8 trillion won including apartment sales, even if you acknowledge the 550 billion won that Seongnam City recovered, that is only 25%. Between 75% and 90% of the total profit from Daejang-dong went to the private sector. This is the point where the public is enraged."
He also criticized, "There were ways to pursue public interest, such as applying the price ceiling on sales, clauses to recover excess profits, and 25% rental apartments, but Governor Lee gave up on all of these," adding, "It seems like he was obsessed with small guaranteed profits and handed everything over to the big thieves, thinking 'this is better than nothing.'"
Shim then said, "A citizen told me to make sure I say this," holding up a sign that read, 'Those who received money = criminals, those who designed it = sinners.' He raised his voice, saying, "Governor Lee, who has always emphasized the principle of 'suppressing the strong and helping the weak (Eokgangbuyak, 抑强扶弱),' should apologize to the original residents who were forcibly evicted and the residents who were overcharged for apartments."
In response, Governor Lee said, "Those who designed the theft are thieves, but those who designed public interest recovery are good people," and countered, "Ask the investors about the corruption design."
He also rebutted, saying, "You called 550 billion won a 'small guaranteed profit,' but I find it hard to agree that 550 billion won is a small guaranteed profit," adding, "In the history of local administration in South Korea, there has been no case of recovering amounts in the 100 billion won range through public-private joint development."
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