Suspicion of Real Estate Nominee Trust: Ruling Party's Kim Hoe-jae "Clear Misunderstanding with Incorrect Facts... Party Leadership Regrets"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Kim Hoe-jae, a member of the Democratic Party who was advised to leave the party due to suspicions of real estate name trust following a full-scale real estate investigation by the party, rebutted on the 8th, stating, "The suspicion of name trust is a clear misunderstanding based on incorrect facts."

Kim released a statement that day, saying, "I signed a sales contract on March 16, 2021, for the apartment I owned in Jamsil-dong, Songpa-gu. According to the detailed contract, I immediately received a deposit of 230 million KRW out of the total sale price of 2.3 billion KRW, received 600 million KRW of the remaining 2.07 billion KRW on March 22, and transferred ownership."

He added, "Regarding the remaining balance of 1.47 billion KRW, it was agreed in the contract to be paid by May 17 at the buyer's request," and said, "At the same time, on March 22, with the buyer's consent, a mortgage was established on that amount."

He continued, "After receiving the remaining 1.47 billion KRW from the buyer on May 13, the mortgage was immediately canceled," and criticized, "However, the Anti-Corruption and Civil Rights Commission failed to properly understand this and labeled it as a name trust suspicion based on investigation content prior to May 13."

Kim clarified, "I clearly state that this is a misunderstanding due to unverified facts," and emphasized, "I strongly protest the Anti-Corruption and Civil Rights Commission's announcement of such investigation results despite it being a legitimate sale. They must withdraw the erroneous investigation request."

Regarding the party's recommendation to leave, he also expressed regret, saying, "I regret that the party leadership advised me to leave without verifying the facts or allowing a clarification process despite there being no clear wrongdoing."

On the 8th, the Democratic Party decided to recommend withdrawal or take expulsion measures against all 12 Democratic Party lawmakers found to have misconduct suspicions such as illegal transactions in the full-scale real estate investigation by the Anti-Corruption and Civil Rights Commission. The list is as follows.

▲ Lawmakers suspected of real estate name trust (Kim Ju-young, Kim Hoe-jae, Moon Jin-seok, Yoon Mi-hyang) ▲ Suspected of using confidential information for work (Kim Han-jung, Seo Young-seok, Lim Jong-sung) ▲ Suspected of violating the Farmland Act (Yang Yi-won-young, Oh Young-hoon, Yoon Jae-gap, Kim Soo-heung, Woo Sang-ho).

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