"Geum Tae-seop, who criticized Cho Kuk with 'Apologize to the Youth,' faces backlash over '1.6 billion won property of two sons'"

"Paid All Gift Taxes... Verification During Democratic Party Era"
"Also Complied with Housing Disposal Recommendations"

Former Democratic Party lawmaker Geum Tae-seop (left) Former Minister of Justice Cho Kuk (right)

[Asia Economy Reporter Han Seung-gon] Controversy is growing as the two sons in their 20s of former Democratic Party lawmaker Geum Tae-seop are known to be co-owners of a villa in Cheongdam-dong, Gangnam-gu, Seoul.

Former lawmaker Geum explained that there was no issue such as illegal gifting as it was done through proper procedures. However, since he had previously criticized former Minister of Justice Cho Kuk during his confirmation hearing by mentioning the sense of deprivation among young people, fierce criticism is rising among pro-Moon (친문) supporters, accusing him of a kind of 'double standard.' Former lawmaker Geum recently hinted at running for Seoul mayor, so a considerable impact on his candidacy is expected.

According to the 2020 regular asset change report disclosed in the National Assembly public report in March, former lawmaker Geum's assets were reported at 8.03913 billion KRW based on the asset declaration.

Former lawmaker Geum himself, his spouse, and two sons jointly own a villa located in Cheongdam-dong, Gangnam-gu, Seoul. Each holds a 1/4 share, amounting to 730 million KRW each. The two sons also hold deposits worth 870 million KRW each.

Regarding this, former lawmaker Geum stated on his Facebook on the 19th, "My late father-in-law gifted a house to the family at the end of 2015. I received it with gratitude and naturally paid all the gift taxes." He added, "Currently, this house is rented out under a lease, 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," and "I was elected after undergoing 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 also emphasized, "When the party and government urged lawmakers holding more than two houses to dispose of them, I complied," and "There have been no significant changes even after retirement."

Former lawmaker Geum added, "It is perfectly natural to raise questions about the assets and personal information of public figures ahead of elections," and "I have never forgotten that I live a life blessed by good parents and environment."

Former Minister of Justice Cho Kuk [Image source=Yonhap News]

Although former lawmaker Geum stated that there was no problem with the legal procedures or the process of asset formation, the controversy does not seem to subside easily.

In particular, on September 6 last year, during former Minister Cho Kuk's confirmation hearing, former lawmaker Geum asked sharp questions such as "Don't you have any intention to apologize to the young people?" which led to collective criticism from Cho's supporters, 'pro-Moon' groups, and 'Moonppa' (a derogatory term for people who blindly support President Moon Jae-in).

At that time, former lawmaker Geum said, "If (Cho Kuk) is appointed as minister, it is hard to imagine what kind of wounds those young people will suffer and how confused they will be about fairness and values," and "Although there are many considerations such as political gains and losses and factional confrontations, even after weighing all these, my heart leans toward the wounds of the young people."

Various criticisms are pouring in regarding the asset formation of former lawmaker Geum's children in their 20s. On the morning of the 20th, Kim Jeong-ran, honorary professor of the Department of Cultural Contents at Sangji University, posted on her Facebook, "The media and the People Power Party (Gukjimdang) that made a fuss over Cho Kuk's 50 million KRW gift should make at least tens of times more fuss over Geum Tae-seop's 1.6 billion KRW gift, shouldn't they?"

Kim Jin-ae, a member of the Open Democratic Party, also pointed out on her Facebook that day, "Why are there so many 'billion-billion-billion scandals' around People Power Party figures like Geum Tae-seop's two sons with 3.2 billion KRW, Joo Ho-young with 2.3 billion KRW, Park Deok-heum with 100 billion KRW, and Cho Soo-jin with 1.1 billion KRW? The process of asset formation is not properly revealed, so what are the media doing?"

Meanwhile, former lawmaker Geum hinted at his intention to run as an opposition candidate in the Seoul mayoral election scheduled for April 7 next year. At a lecture invited by the People Power Party's freshman group on the 18th, former lawmaker Geum said regarding the possibility of running for Seoul mayor, "I am deeply considering it with a sense of responsibility," and "If there is something I have to take on, I will take it on."

Regarding the possibility of opposition unity, he said, "There are various ways of cooperation and competition ahead of the election," and "When deciding on the methods and ways, I will fully discuss and make all concessions," expressing his willingness to unite. He added, "Simply creating a party and changing the signboard will not make a difference. It will become chaotic due to power struggles, and existing supporters may leave," and "All forces aiming for unity must change and innovate themselves. I want to call this a multiplicative unity."

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