Controversy Over Signed Debt of Damyang County Governor Preliminary Candidate A

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] A morality controversy has arisen over the private debt of prospective candidate A, who is running for Damyang County Governor in the June 1 local elections.

B, a longtime acquaintance of prospective candidate A, claimed that around May 1995, B lent A 15 million won but did not receive repayment for over 20 years despite legal disputes including wage garnishment, and only recently received the full amount.

Furthermore, B stated that A attempted to create false debts to avoid repayment and falsely reported that B was involved in illegal private lending at the workplace, which hindered B’s promotion.

B explained that at A’s request, B lent the money by drafting a promissory note applying an interest rate lower than the bank’s interest, using the death insurance money of B’s child.

Afterward, A repeatedly delayed debt fulfillment, and when A was elected as a county council member in the June 2, 2010 local elections, B enforced compulsory execution on A’s council allowance to partially recover the debt.

B further explained that A continued to attempt to create false debt relationships to avoid repaying the remaining debt, leading to legal disputes.

Eventually, the court intervened, ruling A’s actions illegal, and it is known that the remaining money was fully returned only after a mediation agreement around July last year.

Regarding this, A stated, “It is true that I borrowed money over 20 years ago, but I could not repay the debt due to the failure of my business,” and “Currently, all repayments have been made, and there was no attempt to create false debt relationships.”

A further explained, “The reason for the delayed repayment was that the interest exceeded the principal, and the debt was repaid through a court mediation agreement.”

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