[Comprehensive] "Golden Spoon Dad Chance" Ruling Party Launches Full-Scale Attack on Geum Tae-seop's Children's Multi-Billion Won Wealth Controversy

Kim Nam-guk "How Could My Son Owe Gift Tax... Geum Tae-seop Fully Qualified for People Power"
Kim Jin-ae "Why Are There So Many 'Eok Eok Eok Scandals' Around People Power?"

Former Democratic Party lawmaker Geum Tae-seop Photo by Yonhap News

[Asia Economy Reporter Han Seung-gon] Former Democratic Party lawmaker Geum Tae-seop's two sons in their 20s are known to be co-owners of a villa in Cheongdam-dong, Gangnam-gu, Seoul, sparking criticism mainly from the ruling party over whether Geum lawfully made the gift.

In particular, some criticize the so-called 'gold spoon dad' for causing a 'relative deprivation' feeling. They point out that this is not the life of ordinary young people in their 20s who are busy preparing for employment and struggling with student loan debts.

According to the 2020 regular asset change report disclosed in the National Assembly Gazette in March, Geum's declared assets amounted to 8.03913 billion KRW based on the asset declaration standard. Geum himself, his spouse, and his two sons jointly own a villa located in Cheongdam-dong, Gangnam-gu, Seoul. Each holds a 1/4 share, worth about 730 million KRW each. The two sons also hold deposits of 870 million KRW each.

Democratic Party lawmaker Kim Nam-guk criticized on his Facebook on the 19th, saying, "He strongly talks about a fair society to other young people but helped his own children hold shares in a luxury villa and hundreds of millions of won in cash," adding, "He is not qualified to be the mayor of Seoul but definitely qualified to join the People Power Party."

He questioned, "How could people in their 20s have paid gift tax?" and pointed out, "By the way, the money used to pay the gift tax on behalf of the children also counts as a gift and must be taxed." He continued, "That is exactly the gold spoon 'dad chance'."

Former Democratic Party lawmaker Choi Min-hee also asked, "Is it true that the two sons born in 1994 and 1999 each have assets worth 1.6 billion KRW? Are the 1/4 shares of the luxury villa in Cheongdam-dong owned by the two sons gifts or joint funds?"

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

Kim Jeong-ran, honorary professor of the Department of Cultural Contents at Sangji University, criticized on her Facebook that morning, "The media and the People Power Party made a fuss over Cho Kuk's 50 million KRW gift, so shouldn't they make at least dozens of times more fuss over Geum Tae-seop's 1.6 billion KRW gift?"

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

Earlier on the 19th, claims were raised that Geum's eldest and second sons each have assets exceeding 1.6 billion KRW. Ha Seung-soo, co-representative of 'Catch Tax Thieves,' mentioned the shares of the villa in Cheongdam-dong, Gangnam-gu, Seoul, and deposits, questioning, "Did Geum's children form such enormous assets through their own efforts? What would happen if such a person became the mayor of Seoul? Would it be a fair society? Would real estate speculation disappear and housing stabilize?"

Former Democratic Party lawmaker Geum Tae-seop Photo by Yonhap News

In response, former lawmaker Geum explained that there was no problem with the gift as it was done through legal procedures. Geum posted on his Facebook that afternoon, "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," adding, "Currently, this house is rented out under a lease, and the deposit is held in the form of deposits."

He continued, "When I ran for the National Assembly in 2016, I transparently disclosed all assets, including this house," and said, "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," adding, "There have been no major changes even after retirement."

Geum stressed, "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."

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