Another suspicion popped up about President Lee’s private residence

Disclaimer: The following is a totally unauthoritative personal translation of an article appeared on the <Hankook Ilbo> on Jan. 9, 2012, concerning new suspicion of last year’s President’s private residence land purchasing. With new suspicion, the story revolving Naegok-dong land purchasing gets fishier. All rights regarding this post stay with the author of original article or with the <Hankook Ilbo> and this post will be scrapped immediately with their request. The names and government / enterprise positions appearing in the post are personal translations and may not exactly match their authentic English ones though substantial care to make them match authentic ones has been paid. Original article of this post (in Korean) can be found in the link at the bottom.

Another suspicion popped up about President Lee’s private residence

MBC “Blue House paid 600M KRW more for the Naegok-dong land purchase.”
Prosecution’s summons investigation of President Lee’s son, Mr. Si-hyeong, seems inevitable.

MBC reported on 9th that Blue House paid 600M KRW more when purchasing the Naegok-dong land which First Couple bought in their son’s name.

President Lee’s son Si-hyeong and Blue House, as a whole, paid 5.4B KRW for purchasing the Naegok-dong land together. So far, it has been known that 1.12B KRW was paid by Mr. Si-hyeong and the rest was taken up by the state coffers.

However, the prosecution, through the investigation of land holding percentage based on the official land price, found out that Blue House took up about 600M KRW more that should have been paid by Mr. Si-hyeong instead. Mr. Si-hyeong should have paid about 1.7B KRW but, in fact, paid only about 1.1B KRW and Blue House who had only to take up about 3.7B KRW actually took up about 4.3B KRW.

According to the report, the prosecution thinks that Mr. Si-hyeong bought the land cheaper because Blue House paid more and, as a result, could be charged with dereliction of duty.

The report relayed the Blue House’s claim that Mr. Si-hyeong’s land was cheap because it was not in good location and he did not pay less. But real estate agents’ opinions are different; they say this kind of land purchase is not typical.

One agent said, in an interview, that it was not understandable that they split the same land and the presidential security service paid more than their share, “I can’t understand. You would not understand this if you’ve finished only the elementary school. Even if they bought the same land together, they should pay their shares fairly.”

The report said that the prosecution would summon the Blue House presidential security service finance secretary who had actually made the contract around 10th and investigate about the purchasing price and, under whose order, he had acted upon. The prosecution will also investigate former presidential secretary Kim Paik-jun who was in charge of all matters in Blue House and the former presidential security service chief Kim In-jong who said “President Lee himself visited the Naegok-dong land and OK-ed the transaction.”

The report said “If the prosecution’s judgement is right, this is a serious matter of criminal nature” and also said that the summons investigation of Mr. Si-hyeong who was already under the suspicion of violating real name property transaction law seemed inevitable.

The report said that, if the prosecution summon Mr. Si-hyeong, “they seem to first check, of all the money for the Naegok-dong land purchase, the 600M KRW loan under First Lady Kim Yoon-ok’s name and then ask how Mr. Si-hyeong who registered only about 3M KRW for his total property can pay the huge interest from the loan or whether there’s any other person who pays the interest.”

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One comment

  1. […] money laundering schemes. In addition to presiding over a 23% increase in consumer inflation, Lee has been accused of using public funds to purchase a private residence, while spearheading the increase ofdomestic internet censorship and […]

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