Yang Moon-seok's Daughter's 1.1 Billion Won Illicit Loan Controversy... Financial Supervisory Service to Conduct On-site Inspection Starting Tomorrow (Comprehensive)

[Image source=Yonhap News]

The Financial Supervisory Service (FSS) will conduct an on-site inspection related to the controversy over Yang Mun-seok, the Democratic Party candidate for Ansan Gap in Gyeonggi Province, and his alleged illicit loan practices.

According to the Ministry of the Interior and Safety, the Financial Supervisory Service, and the National Credit Union Federation of Korea, starting from the 3rd, FSS inspection personnel will be deployed to the Daegu Suseong Saemaeul Geumgo.

The Ministry of the Interior and Safety stated that it requested inspection support from the FSS through consultation, explaining, "This inspection request is a measure taken due to the need for additional verification of financial transaction details between financial institutions during the inspection process of the National Credit Union Federation of Korea."

The FSS indicated that considering the urgency of the matter and the ongoing controversy, it deemed it necessary to promptly support inspection personnel before the joint regular inspection scheduled on the 8th between the FSS and the National Credit Union Federation of Korea.

According to the National Credit Union Federation of Korea, an on-site inspection of the Daegu Suseong Saemaeul Geumgo, where allegations have been raised that Yang’s child received an 'illicit loan,' has been underway since the previous day. In August 2020, Yang purchased an apartment worth approximately 3.12 billion KRW in Jamwon-dong, Seocho-gu, Seoul. Yang bought the apartment by borrowing 630 million KRW from a loan shark and money from acquaintances, and eight months later, Yang’s daughter took out a business loan of 1.1 billion KRW from the Suseong Saemaeul Geumgo to repay the loan shark and personal debts. Yang’s method closely resembles illegal loan practices that financial authorities have been cracking down on, sparking controversy.

In response, Yang bowed and said on the afternoon of the previous day, "To prevent further controversy, I will dispose of the apartment and urgently repay the Saemaeul Geumgo loan." However, with the April 10 general election approaching, the ruling party’s final offensive continues. Han Dong-hoon, the Emergency Committee Chairman and General Election Campaign Committee Chairman of the People Power Party, demanded Yang’s resignation as a candidate, stating, "Is it forgivable to drive under the influence and then sell the car used for drunk driving?"

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