No Jeong-hee, Real Estate 900 Million Won Profit "Not for Speculation"... Opposition "Suspicion of Undervalued Purchase"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Candidate No Jeong-hee for the Central Election Commission explained on the 27th that her husband, Mr. Lee, made a profit of over 900 million KRW in three years from selling real estate, stating that "it was neither speculation nor investment purpose at all."

Candidate No said at the National Assembly confirmation hearing that "my spouse has worked as a Korean medicine doctor for nearly 20 years and has fulfilled a long-held dream by opening and operating a nursing hospital."

She added that a large amount of repair costs, facility and equipment expenses, and operating funds were invested in the building in Cheongpyeong, Gyeonggi Province, which was purchased in March 2017, and said, "Although the simple difference amounts to about 900 million KRW, considering these circumstances, it is not true to say that a large sum was gained."

Park Wan-soo, a member of the People Power Party, claimed that Mr. Lee initially leased the building in July 2016 and later filed a lawsuit against the building owner for ownership transfer, ultimately purchasing the real estate at a "bargain price."

When signing the lease contract, Mr. Lee requested construction work necessary for the nursing hospital, such as elevators and fire facilities, and included these as special terms. However, when the construction was not carried out on time, a separate contract was drawn up stating that "if the construction is not completed by January 30, 2017, the lessor shall transfer the real estate." When the construction still did not proceed, Mr. Lee filed a lawsuit to claim ownership transfer registration.

Eventually, Mr. Lee signed a sales contract for the building under the condition of converting the deposit (500 million KRW) into the purchase price while taking out a secured loan (760 million KRW). After the ownership transfer of the real estate was completed, he withdrew the lawsuit. About a year after purchasing the building, in April 2018, Mr. Lee leased another building near Cheongpyeong with a deposit of 300 million KRW and monthly rent of 23 million KRW to expand and relocate the nursing hospital. Approximately two years later, in April of this year, he sold the existing nursing hospital building and land for 2.2 billion KRW.

Rep. Park said, "There is suspicion that Candidate No, who was a chief judge at the time, provided legal advice and filed the ownership transfer lawsuit based on unfair contract terms."

Candidate No explained the reason for moving the nursing hospital to another building, saying, "The noise problem in the originally purchased building was not resolved, so we moved to a quieter place and rebuilt the nursing hospital."

The current vacant position of the Central Election Commission Chairperson is traditionally appointed by electing a Supreme Court justice from among the election commissioners, and if Candidate No passes the confirmation hearing, she will become the first female Chairperson of the Central Election Commission.

This content was produced with the assistance of AI translation services.