People Power Party's Kim Seung-su "Completely Unrelated to Real Estate Speculation"

Lee Jun-seok, the leader of the People Power Party, is attending an emergency Supreme Council meeting related to the results of the Anti-Corruption and Civil Rights Commission investigation held at the National Assembly on the 24th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Kim Seung-su, a member of the People Power Party, asserted on the 24th, "The issue related to the Anti-Corruption and Civil Rights Commission has nothing to do with real estate speculation such as real estate name trust or misuse of business secrets."

Kim said, "The problematic paddy field (畓) has been owned by my father since 1949, before I was born, and it is a land full of many memories for me. My father, who is 93 years old this year, found it difficult to cultivate the land himself, so he entrusted its management. Several years ago, when my mother passed away, he wanted to distribute his assets to his children during his lifetime. At that time, since I was a public official and ownership was not allowed when gifting farmland, it was decided that I would receive the gift after retirement when I returned to the countryside, so the land intended for my inheritance remained under my father's ownership," he explained.

He added, "I was elected as a member of the National Assembly last year, and according to Article 9, Clause 4 of the Farmland Act, entrusted management is allowed in the case of taking office due to election. After consulting with those around me, I received the gift, and since it is practically impossible to manage the farmland during my term as a lawmaker, I have a consignment management contract with the same tenant under the same conditions as the contract my father had."

Kim emphasized, "The Anti-Corruption and Civil Rights Commission interpreted this matter as violating the Farmland Act, but I consider it a case of legally receiving the gift and entrusting management under the Farmland Act, so there is a difference in legal interpretation. The farmland in question is a typical farmland adjacent to the hill behind my hometown village where my father still lives, with a total area of 700 pyeong and an official land price of 19,500 KRW per square meter, and it is completely unrelated to speculation."

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