"Yoon Seok-yeol's Mother-in-law Suspected of Usury at 1460% Annual Interest Rate with Yoon's Legal Counsel Involvement"... Opposition Party Calls It "False Information"

Democratic Party Raises Suspicion of Legal Advice to Yoon
People Power Party: "Yoon's Mother-in-Law Falsely Accused as Loan Shark... Will Take Legal Action"

[Image source=Yonhap News]

[Asia Economy Reporter Park Hyun-joo] The Democratic Party of Korea has raised allegations that Choi, the mother-in-law of People Power Party presidential candidate Yoon Seok-yeol, lent money to a business partner in 2013 at an exorbitant annual interest rate of 1460%. In response, the People Power Party announced legal action, calling it "false negative campaigning disguised as verification."

The Democratic Party's Election Countermeasures Committee's Task Force (TF) on current issues released a press statement on the 7th, claiming that an analysis of the court ruling confirmed by the Supreme Court in 2017, following Choi's lawsuit against business partner Ahn, revealed these facts.

The TF pointed out, "According to the ruling, Choi lent Ahn 500 million won on January 29, 2013, and agreed to receive 1 billion won by February 22 of the same year," adding, "This means she was to receive double the principal in just 25 days." They continued, "The daily interest rate was 4%, and the ten-day interest rate reached 40%. Even the ten-day interest alone exceeds the legal maximum interest rate (30%), making it subject to criminal punishment," and added, "When annualized, this amounts to an unprecedented 1460% high-interest loan."

The TF alleged that Choi used her son's friend Lee as a nominee to lend money to Ahn's side and drafted a real estate purchase agreement under a false name instead of a promissory note, receiving interest under the guise of dividends. The TF stated, "It is clear to anyone that money was lent, and the official position of the People Power Party is also that money was lent. Business partner Ahn also admitted that the 500 million won received on January 29, 2013, was borrowed," but criticized, "However, the document was not a promissory note but a bizarre 'real estate purchase agreement,' and it was made under a false name."

The TF further argued, "Until now, candidate Yoon and the People Power Party have defended Choi as a victim who did not receive the money she lent, but repaying a loan with a 4% daily interest rate, which annualizes to 1460%, was impossible from the start," and claimed, "This is why the People Power Party has thoroughly concealed the fact that Choi was involved in a usurious loan scheme with an annual interest rate of 1,460%."

Kim Seung-won, head of the TF and a member of the National Assembly, criticized, "A 4% daily interest rate is an extremely high-interest loan that even loan sharks would be shocked by. It's worse than robbery, just without a knife."

He also raised the possibility of candidate Yoon, whose son-in-law is a prosecutor, being involved. Kim said, "You can't have a prosecutor son-in-law and then pay another lawyer for advice. It is a reasonable suspicion that candidate Yoon, the prosecutor son-in-law, provided legal advice to prevent Choi from going to prison," emphasizing, "We must thoroughly verify whether prosecutor son-in-law Yoon assisted and participated in this nominee high-interest loan scheme."

In response, the People Power Party's election headquarters countered through a media statement, calling it "false negative campaigning." The headquarters said, "The Democratic Party has now gone so far as to falsely accuse Choi Eun-soon of being a 'loan shark' charging usurious interest," and rebutted, "This is clearly a false negative campaign that is not based on facts."

The headquarters clarified, "As repeatedly stated, Choi suffered significant financial losses due to Ahn's fraudulent acts, and Ahn was sentenced to two years and six months in prison for fraud," adding, "When Ahn borrowed additional money from Choi, it was to repay the previously defrauded money together, not a simple loan relationship where interest was charged."

The headquarters continued, "Since false information has been repeatedly spread despite explanations, we will take immediate legal action," warning, "The public will no longer be deceived. The Democratic Party's false negative campaign disguised as verification will now face the judgment of the people."

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