'Yang Mun-seok's Illicit Loan' Spreading to Kim Boo-kyum... Democratic Party in Dilemma

Taking out a 'Business Loan' in Daughter's Name to Buy an Apartment
Ruling Party Claims Connection to Kim Bu-gyeom... Kim Says "Stop Black Propaganda"
Concerns Over Election Setbacks... Atmosphere of 'For Now, We Bear It'

The Democratic Party of Korea is deeply troubled by the controversy surrounding Yang Mun-seok, the candidate for Ansan City Gap district in Gyeonggi Province, over 'illegal loans.' While some suggest the possibility of a 'cutting off a limb to save the body' approach, the Democratic Party is defining the ruling party's offensive as 'smear campaigns' and seems determined to stand by candidate Yang.

It was confirmed that in 2021, during the process of purchasing an apartment in Jamwon-dong, Seocho-gu, Seoul, Yang obtained a loan of 1.1 billion won under the name of his university student daughter, claiming it was a 'business loan.' The controversy grew after it was revealed that this money was used to repay a loan borrowed for the apartment purchase. Daegu Suseong Saemaeul Geumgo, which provided the loan, decided on the 3rd to recover the entire loan amount. The Financial Supervisory Service also participated in an on-site inspection at the request of the Ministry of the Interior and Safety, and Lee Bok-hyun, the head of the Financial Supervisory Service, stated, "If a business loan was taken out for the purpose of purchasing a house, it is not a loophole but a clear illegality."

Yang Moon-seok, the Democratic Party candidate running for the 22nd National Assembly election in Ansan Gap, Gyeonggi Province, is entering the waiting room after attending the broadcast debate for the 22nd National Assembly election held at SK Broadband Hanbit Broadcasting in Danwon-gu, Ansan-si, Gyeonggi Province on the morning of the 3rd. [Image source=Yonhap News]

Candidate Yang stated that he would quickly repay the loan by selling the apartment, but the controversy has not subsided. The ruling party has even claimed a connection to Kim Boo-kyum, the Democratic Party's Standing Election Committee Chairman, escalating suspicions. Shin Ji-ho, a special committee member for election oversight of the People Power Party, claimed, "There is suspicion that Kim Boo-kyum, a prominent politician based in Daegu Suseong District and a current professional director of the Saemaeul Geumgo Central Association (former Democratic Party Organization Director), was aware of the entire incident from the beginning."

Chairman Kim strongly denied these claims as 'fiction.' In a statement, he said, "This is nonsense. I only learned about the 1.1 billion won loan taken by candidate Yang recently." A person close to Chairman Kim added, "We publicly demanded his resignation during candidate Yang's verbal abuse controversy. It has already been proven that there was no relationship to facilitate the loan."

The Democratic Party is also struggling with controversies surrounding other candidates, including Gong Young-woon, candidate for Hwaseong City Eul district in Gyeonggi Province, over housing gifts to children, and Kim Jun-hyeok, candidate for Suwon City Jeong district in Gyeonggi Province, over verbal abuse. Since these issues go against public sentiment, there are concerns that they could negatively affect the entire election. One candidate from the southern Gyeonggi region said, "The metropolitan area is ultimately all tough districts. Even with full effort, it is not easy, so honestly, this situation is unwelcome."

On the afternoon of the 1st, the Saemaeul Geumgo Central Association inspection team completed an on-site inspection of Yang Moon-seok, the Democratic Party of Korea candidate for Gyeonggi Ansan Gap, regarding allegations of 'irregular loans' at Daegu Suseong Saemaeul Geumgo and is leaving the site. [Image source=Yonhap News]

Nevertheless, the Democratic Party is currently inclined to stand by candidate Yang and others. They maintain a 'no response policy,' arguing that the decision on whether to step down is up to each candidate. A party official said, "With less than a week left until the election, responding to each smear campaign by the People Power Party would only play into their offensive."