Park Hong-geun: "Kim Jin-tae must acknowledge the national disaster caused by incompetence and resign"

"The Incompetence of Prosecutor-Turned Politicians Shakes the Entire National Economy"

[Asia Economy Reporters Oh Ju-yeon and Park Jun-i] On the 27th, Park Hong-geun, floor leader of the Democratic Party of Korea, sharply criticized the LegoLand default crisis, saying, "Due to the blunder of former prosecutor and 'Gyeong-al-mot (lack of economic knowledge)' Governor Kim Jin-tae, the bond market has frozen, pushing our economy into an even more precarious situation," and added, "He must acknowledge the national disaster caused by his incompetence and immediately resign from his gubernatorial position."

Park Hong-geun, floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 27th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

At the policy coordination meeting that morning, Floor Leader Park said, "The incompetence of a politician with a prosecutorial background has shaken the entire national economy."

Park criticized, "What could have been resolved with about 200 billion won in public funds escalated into a crisis requiring 50 trillion won of taxpayers' money," and added, "Despite this situation, they are avoiding responsibility by insisting they never declared a default." He then pointed out, "The quickest way to at least somewhat apologize to the public is to admit incompetence and resign as soon as possible."

He also targeted Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Financial Services Commission Chairman Kim Ju-hyun, and Presidential Office Economic Secretary Choi Sang-mok, saying, "The incompetence of the 'trio' leading the Yoon Seok-yeol administration's economy has been fully exposed due to the Kim Jin-tae crisis," and criticized, "The ruling party-affiliated Governor of Gangwon Province ignited the crisis, and the economic authorities poured fuel on the fire; at this point, they are not mere accomplices by omission but co-conspirators."

Regarding President Yoon, he questioned, "It is doubtful whether President Yoon received timely reports about this crisis."

He stated, "After the Special Purpose Company (SPC) established by the Jungdo Development Corporation (set up to finance LegoLand construction) was finally declared bankrupt on October 4th, Deputy Prime Minister Choo Kyung-ho responded on the 14th, ten days later, that 'Gangwon Province's issues are for Gangwon Province to resolve.' The government only hurriedly convened an emergency macroeconomic and financial meeting to discuss measures against the credit market freeze on the 23rd," and asked, "When did President Yoon receive a report on the seriousness of the Kim Jin-tae crisis, and if he did, what countermeasures did he instruct?"

Floor Leader Park emphasized, "The president is always absent at critical moments of the Republic of Korea's economic crises," and stressed, "To avoid being misunderstood as an incompetent figurehead who merely stamps approvals surrounded by inept economic leaders, the president must clearly respond."

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