Democratic Party Raises Additional Allegations Against Park Hyung-jun: "Explain the 1 Billion Loan and 'Youngpo Line'"

Jang Kyung-tae, the secretary of the Special Committee for Investigating Local Corruption in Politics, Administration, and Police in the Busan area of the Democratic Party of Korea, along with lawmakers Shin Dong-geun and Kim Young-bae, held a press conference at the National Assembly on the 16th demanding an explanation from Busan mayoral candidate Park Hyung-joon regarding the preferential sale allegations of Haeundae LCT. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea has once again raised suspicions regarding the sale of the Haeundae LCT (LCT) by Park Hyung-jun, the People Power Party candidate for Busan mayor.

Jang Kyung-tae, the secretary of the Democratic Party's Special Committee for Investigating Local Corruption in Politics, Administration, and Police in Busan, said at a press conference on the 19th, "There is suspicious cash flow in real estate related to the Park Hyung-jun family. Around the time the LCT was granted its completion permit, in 2019, a loan of 1.08 billion won was taken out. We hope to clarify where this money was used."

He continued, "The president of LCTAMC, the asset management company of Haeundae LCT, is Lee Kwang-yong," adding, "At the time Chairman Lee Young-bok was detained, he was the de facto manager. Lee Kwang-yong is part of the 'Youngpo Line,' sharing hometown and alma mater ties with former President Lee Myung-bak from Pohang, Gyeongbuk. In the 17th presidential election, he was known as a core member of the pro-Lee faction and reportedly had a special relationship with former National Assembly Vice Speaker Lee Sang-deuk. We hope they will answer the suspicions regarding the LCT sales rights transactions involving these two MB men."

Candidate Park held a press conference that morning, stating, "It is true that the LCT apartment I currently live in was purchased from my son, but the essence of this matter is that there was no illegal corruption or special favors," and explained, "It is important to clarify that there was no illegal corruption or special favors. I thought it was unnecessary to reveal my family's story, so I did not disclose from whom I bought the LCT apartment at the press conference last Monday."

Regarding the LCT apartment purchased by Park’s wife, Jo, he said, "The first person to receive the sale was Mr. Lee, born in 1965, and through a real estate introduction, my son bought the sales rights. Since it was a lower floor, the premium was not high at the time. In 2019, my son's real estate did not sell, so he was unable to move in, and he had to bear the loss of the deposit and interest. Therefore, just before the final move-in deadline, my wife took over the house."

In response, Representative Jang said, "The LCT suspicions related to candidate Park Hyung-jun are not about digging into family matters but about suspicions regarding the formation of family wealth. Responding as if this is an excessive invasion by limiting it to family matters is not the attitude expected of a public office candidate and is disrespectful to the citizens of Busan."

He added, "It must be clearly revealed how Park Hyung-jun’s son and daughter were able to own sales rights on the first contract day, October 28, 2015, and that too for the royal floor units above and below," and said, "Candidate Park claims that the property was put on the market for four months without a transaction, so the spouse took over, but according to the Ministry of Land, Infrastructure and Transport’s actual transaction price system, properties similar or worse than the said property were traded with premiums higher than 100 million won from January to April."

Representative Jang also said, "There seem to be continuous distortions during the process of confirming with candidate Park’s spouse. It seems appropriate for the spouse to come forward and provide an explanation."

Regarding the Johyun Gallery operated by Park’s spouse, he said, "Candidate Park claims he was without a house for a while. It is suspected that Johyun Gallery was listed as his address when registering as a preliminary candidate. If this is true, it means he actually lived at Johyun Gallery since 2015, so it should be clarified whether he lived there by paying monthly rent or deposit in a neighborhood living facility."

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