Yoo Eui-dong, the People Power Party candidate for the parliamentary by-election in Pyeongtaek-B, took aim Thursday at allegations that his rival Kim Yong-nam of the Democratic Party of Korea operated a lending business under another person's name.
"Since this by-election was triggered by a Democratic Party lawmaker's asset-related issue, no Pyeongtaek citizen will tolerate the operation of a lending business under another person's name," Yoo said.
Speaking on KBS Radio that day, Yoo said, "Due to the Democratic Party's lack of vetting, the same situation could be repeated this time as well."
"This case is fundamentally inescapable because there are recordings showing that he holds 100% of the company's shares," Yoo said. "He posted photos of bank transaction records claiming he never engaged in dividend distributions or received profits, but this is a textbook case of a legal weasel playing for time."
He continued, "The entity that holds 100% of the shares of Mansamusa Daebu, the company in question, is the agricultural corporation Ilho. Profits generated at Mansamusa would have flowed to agricultural corporation Ilho, and he must disclose the transaction records showing what dividends he received from Ilho, in which he owns a 90% stake."
"With little time left before the election, he appears intent on lying low and stalling for time, but that will not work at all," Yoo added. "The citizens will pull out the red card."
The People Power Party filed a complaint against Kim with the Seoul Metropolitan Police Agency the previous day on suspicion of violating the Lending Business Act. Cho Kuk, the Rebuilding Korea Party candidate running in the Pyeongtaek-B by-election, said, "This will have a negative impact not only on the Pyeongtaek-B election but also on the entire democratic and reformist camp," adding, "This issue must be judged from the public's perspective."
Kim has been embroiled in allegations that, after acquiring a 90% stake in an agricultural corporation founded by his younger brother, he established a lending business through that corporation, operated it under another person's name, and received dividends.
As the controversy grew, Kim's side said in a statement, "We make clear that the establishment and operation of the companies in question were all carried out normally in accordance with legal procedures. The agricultural corporation was a company founded and run by the candidate's younger brother, but when it faced a management crisis due to financial issues and various lawsuits, the candidate took it over around 2020 to help resolve a family matter."
The statement added, "The lending company mentioned in the reports was a corporation that had existed previously and was included in the acquisition process. The allegations that the candidate owned the company under another person's name, was involved in its operation, or received dividends are not true."
