Gyeongsilryeon Analyzes Lawmakers' Asset Disclosure
"115 Lawmakers Suspected of Real Estate Leasing"
"Only 28 Lawmakers Reviewed After Reporting"
On the morning of the 24th, Kim Seong-dal, Secretary General of the Citizens' Coalition for Economic Justice, is speaking at the '22nd National Assembly Members' Rental Business and Related Review System Announcement' held at the Citizens' Coalition for Economic Justice in Jongno-gu, Seoul. [Source=Yonhap News]
It has been revealed that 115 members of the 22nd National Assembly hold 'excessive real estate' under their own and their spouses' names.
The Citizens' Coalition for Economic Justice (CCEJ) announced the results of an analysis of rental business reports, reviews, and asset disclosures submitted to the National Assembly at a press conference on the 24th. According to the findings, 115 members of the 22nd National Assembly own more housing than they actually use, and 94 members are suspected of renting out properties through reported rental debts. Furthermore, only 28 members have officially registered their rental businesses and undergone review by the National Assembly. The CCEJ obtained the data by filing an information disclosure request with the National Assembly Secretariat.
Among the 300 members of the 22nd National Assembly, 115 were found to hold 'excessive real estate' under their own or their spouses' names. The CCEJ defined 'excessive real estate' as owning two or more residential properties, one or more non-residential buildings, or one or more land parcels. The highest reported values by category were: Lee Haemin of the Party for Innovation and Justice with over 6.35 billion KRW for two or more residential properties, Park Jeong of the Democratic Party with 39.4 billion KRW for non-residential properties, and Park Deokheum of the People Power Party with 22.8 billion KRW in land holdings.
Previously, 94 members reported rental debts (jeonse deposits) on real estate owned by themselves and their spouses, with 71 members reporting rental debts under their own names only. The CCEJ claimed these cases suggest suspected jeonse rentals. The member with the highest reported rental debt was Kim Eunhye of the People Power Party, with 1.93 billion KRW. As of last month, only 28 members (36 cases) had registered their rental businesses with the National Assembly Ethics Review Advisory Committee, all of whom passed the review. Under current National Assembly law, members are generally prohibited from engaging in profit-making activities; however, rental businesses using their own property are permitted if they do not interfere with their official duties.
The CCEJ pointed out, "It is questionable whether members who own enough real estate to operate rental businesses can create policies that meet the expectations of the public," adding, "If these members join standing committees that decide on real estate policies, policy distortion may occur." They also urged the expansion of the blank trust system, currently applied only to stocks, to include real estate, and called for strengthening the Assembly's review standards. Seo Hwiywon, head of the CCEJ's Political Legislation Team, stated, "The Ethics Review Advisory Committee is composed of external members with short terms, so it appears that most follow the National Assembly Secretariat's practices," and insisted, "Speaker Woo Wonsik should conduct a full investigation into members' rental business statuses and discipline those who fail to report."
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