"'Son's 5 Billion Won Retirement Pay' Kwak Sang-do Resigns from National Assembly, 'Earnestly Hopes for Special Prosecutor' (Update)"

"It is difficult to continue working as a member of the National Assembly"

Independent lawmaker Gwak Sang-do bows his head in greeting after announcing his resignation from the National Assembly at the National Assembly Communication Office in Yeouido, Seoul, on the morning of the 2nd, in relation to the controversy over his son's 5 billion won retirement pay from Hwacheon Daeyu.
[Photo by Yonhap News]

[Asia Economy Reporter Hyunju Lee] Independent lawmaker Kwak Sang-do announced on the 2nd that he will resign from his position as a member of the National Assembly. Lawmaker Kwak became the center of controversy after his son, who worked at Hwacheon Daeyu Asset Management (Hwacheon Daeyu), received a retirement bonus of 5 billion won. This comes just six days after he left the People Power Party.

On the same day, Kwak held a press conference at the National Assembly Communication Office and said, "Reports about me and my son have been continuing day after day. Regarding this matter, no matter what I say, it only causes greater misunderstandings and distrust does not subside, making it difficult for me to continue my activities as a lawmaker, so I am resigning from my position." From the start of the press conference, he appeared visibly tense and out of breath.

He stated, "Candidate Lee Jae-myung is said to have directly designed the profit structure, and Hwacheon Daeyu reportedly earned more than 700 billion won in profits from the Daejang-dong development project. Lee’s close aide, Yoo Dong-gyu, former Planning Director of Seongnam Urban Development Corporation, has been arrested and is under investigation," adding, "The mastermind behind the Daejang-dong development project and to whom the 700 billion won belongs will soon be revealed."

He continued, "Furthermore, the nature of the performance retirement bonus that my son received and whether I was involved in the Daejang-dong development project or Hwacheon Daeyu will also be clarified through the investigation."

Then, Kwak requested a special prosecutor for a fair investigation. He said, "Since the heads of the prosecution and police are composed in a regime-friendly manner, there is doubt whether the investigation will be thorough and fair, so I earnestly hope for an investigation through a special prosecutor."

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