Kim Ki-hyun: "Disaster Relief Fund Is Debt for Me and My Descendants, Moon Should Not Boast"

"Not Money from President's Salary or Personal Funds"
Kakao's Reckless Expansion of Affiliates Causes Major Harm to Small Businesses
"Will Take the Lead in Establishing Measures Against Gapjil"

Kim Ki-hyun, floor leader of the People Power Party, is attending the floor strategy meeting held at the National Assembly on the 7th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hyunju Lee] Kim Gi-hyeon, floor leader of the People Power Party, pointed out that "President Moon Jae-in should stop 'showing off disaster relief funds'."

At the People Power Party floor strategy meeting held on the 7th, Floor Leader Kim said, "Disaster relief funds are not money prepared by using the president's salary or private funds. It is money borrowed that my descendants and I will have to repay for a long time."

In particular, Floor Leader Kim expressed concern about the serious debt situation of public institutions. According to the national fiscal management plan presented that day, the debt of 40 public institutions next year is expected to increase by 35.7 trillion won from this year to 585.3 trillion won, and is projected to reach about 607 trillion won in 2023. Floor Leader Kim interpreted this as "the result of sending incompetent and irresponsible parachute appointments to public institutions, ignoring expertise and ability."

He also said, "The Moon Jae-in administration not only opened the era of 1 trillion won in national debt over five years but also rapidly increased public institution debt. Despite the serious situation, President Moon said he hoped the disaster relief funds would provide some comfort and encouragement," emphasizing, "the president is only showing off as if he is being generous with his own money, so the people who worry about the country and their children are deeply distressed."

He also pointed out that Kakao's reckless increase in affiliates is causing damage to local businesses and small merchants. Floor Leader Kim said, "At the end of 2016, Kakao had 70 affiliates, but by the end of June, it expanded to 158 affiliates like an octopus's tentacles. Its market capitalization exceeded 100 trillion won, and its founder Kim Beom-su became one of the top five stock billionaires in South Korea." He added, "The market evaluation is that the background of Kakao's ultra-fast growth to the level of Samsung and LG in just five years was the deregulation measures for ICT companies. However, Kakao is deeply penetrating local markets such as taxi, parking, chauffeur, education services, and screen golf by exploiting regulatory loopholes. The difficulties of small business owners, who were in relatively disadvantaged positions, are worsening."

Floor Leader Kim said, "The Kakao Group is aiming to surpass the level of Korea's top three conglomerates in terms of market capitalization. As its size grows, it must fulfill its social responsibility to prepare coexistence measures with existing industries and small business owners," and added, "The People Power Party will actively take the lead in preparing measures against abuse of power."

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