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Yang Moon-seok’s daughter borrows 1.1 billion won in business loan… Saemaul Geumgo “Recovery of funds in case of problem”

[총선 D―11]

A college student obtains a business registration certificate and takes out a loan… Possibility of illegal activities such as document forgery
Overseas training after 6 months, “I am blessed to have met my parents well”… Saemaul Geumgo Federation “On-Site Inspection”
“Use illegal loans to save interest”

Candidate Yang Moon-seok (Ansan Gap, Gyeonggi Province) attended the general election candidate convention of the Democratic Party of Korea held at the National Assembly Hall on the 17th. News 1

The controversy over the 1.1 billion won ‘expedient loan’ of the daughter of the college student of Democratic Party candidate Yang Moon-seok (Gyeonggi-do Ansan Gap) is spreading into the ‘illegal work loan’ controversy. There is a possibility that Mr. Yang, who was an ordinary college student, may have committed illegal activities such as forging documents in the process of obtaining a loan of 1.1 billion won as a sole proprietor without actually running a business.

The Financial Supervisory Service is also expected to continue the controversy as it plans to look into the entire process in which Mr. Yang submitted his individual business registration certificate to Daegu Suseong Saemaeul Geumgo and received 1.1 billion won in business loans even though he had no economic activity at the time, including no tax payment records. do.

The Saemaul Geumgo Federation said, “We will begin an on-site inspection of Daegu Suseong Saemaeul Geumgo from the 1st of next month,” and added, “If any illegal or unfair matters are found, we will take action such as recovering the loan.” This is a measure to confirm details related to Mr. Yang’s suspicion of illegal lending.

● Overseas language training immediately after ‘business loan’

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According to data from the National Election Commission and a certified copy of the register on the 29th, Candidate Yang purchased Shinbanpo 4th Apartment (137.1㎡, approximately 41 pyeong) in Jamwon-dong, Seocho-gu, Seoul for 3.12 billion won in August 2020 with a 25% stake for himself and a 75% stake for his spouse. bought it on At that time, the entire city of Seoul was considered an overheated speculation zone, making mortgage loans for houses worth more than 1.5 billion won impossible.

In November 2020, Candidate Yang’s spouse borrowed approximately 500 to 600 million won (maximum bond amount of 754 million won) from a loan company. And five months later, in April 2021, daughter Yang borrowed 1.1 billion won from the Suseong Saemaul Geumgo in the form of a business loan using her parents’ apartment as collateral. On the same day, Candidate Yang’s spouse’s mortgage at the loan company was canceled.

Saemaul Geumgo announced that the loan Mr. Yang received was a business loan. The explanation is that a business loan is a mortgage loan for business funds, not for the purpose of purchasing a house, and the loan was possible because income regulations were not strict and the collateral recognition ratio (LTV) of 70-80% at the time was sufficient.

An official from Saemaeul Geumgo said, “It was a business loan, and there were no problems with the related documents and procedures submitted,” and “If I had known that it was being used to purchase a house, of course I would not have given it (the loan).” Another Saemaul Geumgo official also said, “If the loan is used for purposes other than business, it may be recovered as an illegal loan.”

Mr. Yang, who graduated from college in February of this year, was a college student at the time of receiving the loan, and has no record of paying taxes from 2019 to last year. There was no mention of business in Yang’s personal blog, which Dong-A Ilbo identified, and it was written that he left for Canada for language training in October 2021, six months after receiving his loan. In an article he wrote before leaving the country, Yang wrote, “I coveted the privilege (of studying abroad) that other kids couldn’t have,” and “As a snob and a kangaroo, I wanted to enjoy the blessing of meeting my mom and dad.”

● Investigation of Saemaul Geumgo on suspicion of “illegal work loan”

The financial world believes that Mr. Yang’s lending process is similar to the ‘illegal lending’ that has been discovered several times by financial authorities. The idea is that although a loan is not possible, it may be a type of so-called ‘work loan’, which refers to an illegal method of obtaining loan approval by manipulating documents or setting up a false occupation.

The Financial Supervisory Service plans to request the Ministry of Public Administration and Security to look into the process and actual status of business loans for the children of both candidates. If the Financial Supervisory Service wants to conduct a direct inspection, it can only do so at the request of the Ministry of Public Administration and Security, which is in charge of Saemaul Geumgo. A high-ranking official at the Financial Supervisory Service said, “Since (the Financial Supervisory Service) does not have inspection authority, we plan to first request materials to examine the situation related to Candidate Yang’s children and Saemaul Geumgo’s loan regulations.” The Ministry of Public Administration and Security said, “We are verifying the facts at the level of the Saemaul Geumgo Federation.”

The People Power Party went on the offensive. Han Dong-hoon, chairman of the emergency response committee, campaigned intensively in Ansan, Gyeonggi Province, where candidate Yang is running, this afternoon and said, “1.1 billion won is money that should have been loaned to small business owners for their livelihood,” and added, “(Moon Jae-in’s government) has tightly blocked citizens from receiving loans and is using them as their own.” “He was doing it through the back hole,” he complained. The People Power Party’s Lee-Jo (Lee Jae-myeong and Cho Kuk) Judgment Special Committee also announced its intention to file a complaint on this day, saying, “After review by the legal team, it seems clear that this case constitutes fraud.”

Candidate Yang said in his greeting after work that day, “I took out an expedient loan for my daughter to save on interest,” and added, “Recover and criticize the president’s wife like this, including Kim Kun-hee’s luxury bags.”

Reporter Eunji Kim [email protected]
Reporter Kang Woo-seok [email protected]

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