[Public Official Asset Disclosure] Kim Jung-sook's Debt Increases by 1.1 Billion KRW... Blue House "Due to Construction of Yangsan Private Residence"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] It has been revealed that the assets of President Moon Jae-in and his wife increased by 114.06 million KRW over the past year. In the case of First Lady Kim Jung-sook, her debt increased by 1.1 billion KRW. The Blue House stated that this was a private debt incurred to cover the construction costs of their residence in Yangsan and has already been resolved.

According to the 2022 regular asset change report disclosed by the Government Officials Ethics Committee on the 31st, the assets of President Moon and his wife increased from 2.07692 billion KRW to 2.19098 billion KRW over the course of one year, an increase of 114.06 million KRW.

The value of land assets, including lots, roads, and forests, decreased from 1.01622 billion KRW to 486.83 million KRW. This is because the land for their residence in Pyeongsan Village, Yangsan, Gyeongnam, which President Moon and his wife purchased jointly for their post-presidency, was reclassified under buildings. The Pyeongsan Village residence of President Moon, who is set to retire on May 9, has been unveiled after the removal of the privacy screens.

With the new residence being constructed, the value of building assets increased from 601.19 million KRW to 2.57212 billion KRW. The value of the newly constructed building rose by 2.25067 billion KRW, while the value of the demolished existing building, which was torn down to build the new one, decreased by 277.32 million KRW. Deposits increased from 642.15 million KRW to 779.81 million KRW.

Securities increased from 1.9 million KRW to 11.12 million KRW as 38,000 shares of Hankyoreh Newspaper (unlisted), previously reported by President Moon, were added to 42,000 government bonds held by Mrs. Kim.

A notable point is the debt. The debt, which was 192.15 million KRW last year, increased by 1.48889 billion KRW to 1.68104 billion KRW in one year. President Moon borrowed 388.73 million KRW from NongHyup Bank, and Mrs. Kim borrowed 1.1 billion KRW as a private debt. The Blue House explained that this was due to the construction costs of the Pyeongsan Village residence.

A Blue House official said, "The construction cost of the Pyeongsan Village residence was 1.496 billion KRW. President Moon took out the maximum loan from financial institutions, which was 388 million KRW, and the remaining 1.1 billion KRW was covered by a private debt incurred by Mrs. Kim."

However, the contents published in the official gazette are as of December 31 of last year. The Blue House official explained, "Recently, with the signing of the sales contract for the existing house in Maegok-dong, all debts have been repaid." When asked by reporters to whom the money was borrowed, the official replied, "It is someone with no conflict of interest."

President Moon holds nine intellectual property rights related to published books, including "Moon Jae-in Gives" published in 2012, but stated that there is no income from these. His children, Jun-yong and Da-hye, refused to disclose their assets citing independent livelihoods.

Among the public officials in the Blue House, the person with the highest assets is Economic Advisor Nam Young-sook, who reported assets of 7.57394 billion KRW. Notably, her assets increased by 4.81868 billion KRW compared to the previous year, the largest increase. A Blue House official explained, "The 2.34 billion KRW assets of her parents, who were initially exempt from disclosure, were included this time as they no longer met the independent livelihood condition. Also, due to a temporary situation of owning two houses in one household caused by a move, the actual transaction price was double-reported, resulting in an overstatement of about 2.1 billion KRW."

The next highest asset holder among Blue House aides is National Security Office Director Suh Hoon, whose assets increased from 4.53327 billion KRW to 4.7805 billion KRW in one year. Almost half of his assets are in deposits, which increased from 2.1863 billion KRW to 2.25166 billion KRW. It was also revealed that he holds 239,000 shares of Brazilian government bonds maturing in 2023.

The next wealthiest aide is Chief Secretary Yoo Young-min, whose assets decreased from 4.07509 billion KRW to 3.85174 billion KRW over the year. This was influenced by his eldest daughter refusing to disclose her assets citing independent livelihood. Due to the blind trust disposal of LG CNS stocks, deposits increased from 1.13643 billion KRW to 2.0477 billion KRW.

The assets of Kim Young-sik, Senior Secretary for Civil Affairs, who was appointed in January this year, will be disclosed in a special report scheduled for April.

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