Geum Tae-seop on 3.2 Billion Won Wealth Suspicion of Children: "Father-in-law's Inheritance... Already Fully Disclosed"

"Questioning Public Officials' Assets Ahead of Elections Is Natural"
"I Have Never Forgotten That I Live a Life of Privilege"

Former lawmaker Geum Tae-seop, who left the Democratic Party of Korea, is giving a lecture at the 'Myeongbulheojeon' meeting of first-term lawmakers of the People Power Party at the National Assembly Members' Office Building on the 18th. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Former Democratic Party lawmaker Geum Tae-seop clarified on the 19th regarding suspicions raised about his children's assets, stating, "According to my father-in-law's will, the family jointly owns the house." It is reported that Geum's two children each possess assets exceeding 1.6 billion KRW.

In a post on his Facebook on the same day, Geum explained, "My late father-in-law gifted a house to the family at the end of 2015. We accepted it with gratitude and, of course, all gift taxes were paid." He added, "Currently, the house is leased under a jeonse contract, and the deposit is held in the form of savings."

He continued, "When I ran for the National Assembly in 2016, I transparently disclosed all assets, including this house," emphasizing, "I was elected after the Democratic Party's verification and nomination process, and for four years as a public official, I registered and disclosed all assets according to procedures."

He further stated, "When the party and government urged lawmakers holding two or more houses to dispose of them, I complied," adding, "There have been no significant changes even after retirement."

Geum emphasized, "It is perfectly natural to raise questions about the assets and personal details of a public figure before an election," and added, "I have never forgotten that I live a life blessed by good parents and environment."

Former lawmaker Geum attending as a speaker of 'Myeongbulheojeon'. / Photo by Yonhap News

Recently, some figures with pro-government leanings have raised suspicions about the source of Geum's assets.

Previously, Ha Seung-soo, co-representative of 'Catch the Tax Thieves,' wrote on Facebook on the 18th, "The eldest and second sons of former lawmaker Geum Tae-seop each have assets exceeding 1.6 billion KRW," and questioned, "Where did these funds come from, and were the gift taxes properly paid?"

Pro-government historian Jeon Woo-yong also wrote on Facebook, "The two children born in 1994 and 1999 each have assets over 1.6 billion KRW," and questioned, "What is the relationship between this fact and Geum's opposition to the establishment of the Corruption Investigation Office for High-ranking Officials (CIO), and did he not feel any conscience pangs when criticizing former Minister of Justice Cho Kuk?"

Meanwhile, Geum, who was a member of the 20th National Assembly, was disciplined with a 'warning' by the Democratic Party Ethics Committee in May for abstaining from the vote on the CIO bill in December last year, contrary to the party's stance. Subsequently, on the 21st of last month, Geum submitted his resignation from the Democratic Party, stating, "The Democratic Party has changed so much that its old culture is no longer recognizable."

On the morning of the 18th, during a lecture at the National Assembly Members' Office Building held by the People Power Party's freshman lawmakers' study group 'Myeongbulheojeon Conservative,' Geum hinted at the possibility of running in next year's Seoul mayoral by-election. He stated, "I will deeply consider the meaning of the Seoul mayor's role and responsibilities, and if there is a duty to fulfill, I will fulfill it."

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