Yang Moon-seok's Daughter's 1.1 Billion Won Illicit Loan Controversy... Financial Supervisory Service Proposes Joint Inspection to Saemaeul Geumgo

The Financial Supervisory Service (FSS) has expressed its willingness to support the Saemaeul Geumgo with inspection personnel if necessary, in relation to the controversy over Yang Mun-seok, the Democratic Party candidate for Ansan Gap, Gyeonggi Province, and his alleged illicit loan practices.

On the 2nd, the FSS stated, "Currently, the Saemaeul Geumgo Central Association is conducting inspections independently, but we have expressed our position to dispatch inspectors to support a swift and accurate fact-finding process if needed."

Although the FSS does not have direct supervisory authority over Saemaeul Geumgo, it signed a business agreement in February with the Ministry of the Interior and Safety and the Financial Services Commission regarding the supervision of Saemaeul Geumgo.

An FSS official said, "Considering the urgency of the matter and the ongoing controversy, we judged that it is necessary to promptly provide inspection personnel before the joint regular inspection scheduled between the FSS and the Saemaeul Geumgo Central Association on the 8th."

Meanwhile, according to the Saemaeul Geumgo Central Association, an on-site inspection of the Daegu Suseong Saemaeul Geumgo, where allegations of 'illicit loans' involving Yang's child have been raised, has been underway since the morning of the previous day. In August 2020, Yang purchased an apartment worth 3.1 billion KRW in Jamwon-dong, Seocho-gu, Seoul. Yang bought the apartment by borrowing 630 million KRW from a loan company and money from acquaintances, and eight months later, Yang's daughter took out a business loan of 1.1 billion KRW from Suseong Saemaeul Geumgo to repay the loan company debt and personal liabilities. Yang's method resembles illegal loan operations that financial authorities have been cracking down on, sparking controversy.