Daegu Suseong Saemaeul Geumgo has decided to fully recover the loan related to the suspicion of illicit loan practices involving Yang Moon-seok, the Democratic Party of Korea candidate for Gyeonggi Ansan Gap.
On the 3rd, a Saemaeul Geumgo Central Association official stated, "Since it has been confirmed that the funds were not used for business purposes, we will notify the full recovery of the loan according to the terms and conditions."
The Saemaeul Geumgo Central Association and the Financial Supervisory Service are conducting an on-site inspection of Daegu Suseong Saemaeul Geumgo, where suspicions arose that Yang’s child received an 'illicit loan.'
In August 2020, Yang purchased an apartment worth approximately 3.12 billion KRW in Jamwon-dong, Seocho-gu, Seoul. Yang bought the apartment by borrowing 630 million KRW from a private lender 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 private lender’s loan and personal debts. Yang’s method resembled illegal loan practices that financial authorities have been cracking down on, sparking controversy.
On the same day, Lee Bok-hyun, Governor of the Financial Supervisory Service, told reporters, "Business loans for the purpose of home ownership are not a loophole but clearly illegal," emphasizing, "It is not a gray area; it is either legal or illegal."
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