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"Must explain and apologize to the public"... Urging investigation while disclosing spouse's recording
The Democratic Party launched an offensive on the 21st, delving into the 'virtual asset reporting omission' allegations against Yoo Jeong-bok, the People Power Party's candidate for Incheon mayor.
Floor leader Han Byung-do mentioned the allegations at a policy coordination meeting on the same day, stating, "He must immediately resign from his candidacy."
Previously, a media outlet raised suspicions that Yoo's spouse held 21,000 virtual assets but transferred them to an overseas exchange, omitting them from the local election candidate's asset declaration.
Regarding this, Floor leader Han raised his voice, saying, "If it's deliberate asset concealment, it's a violation of the Public Officials Ethics Act; if assets were underreported, it's a violation of the Public Official Election Act; and if nominee accounts were used, it's a violation of the Financial Real Name Act. If the content of the article is true, candidate Yoo is not qualified to be mayor."
He also emphasized, "Candidate Yoo must immediately disclose all virtual asset holdings transparently and explain the circumstances of the reporting omission. The People Power Party must confirm whether they knew about this during Yoo's nomination process and apologize to the public."
Chief Deputy Floor Leader Kim Han-kyu also warned, "Virtual assets are subject to reporting whether they are in Korea or overseas. If the media reports are true, candidate Yoo is highly likely to have violated the Public Official Election Act and could face a nullification of election."
In this regard, Democratic Party lawmakers from the Incheon area held a press conference on the same day, stating, "We are releasing a recording file containing the vivid voices of candidate Yoo's spouse, Ms. Choi, and virtual asset manager Mr. A," thus escalating the offensive.
The transcript released by the lawmakers contained remarks by the person identified as Mr. A, saying, "If (virtual assets) are sent to a Korean account, there might be problems due to asset reporting," and "The moment they enter Korea, they are reported."
Then another person replied, "I'll hold onto them and change them little by little later," which the Democratic Party claimed was Ms. Choi's voice.
Accordingly, the lawmakers criticized, "Indeed, the virtual assets transferred overseas are missing from candidate Yoo's public official asset disclosure records for 2025 and 2026," adding, "This is intelligent asset concealment exploiting a loophole in the system where overseas accounts cannot be verified unless voluntarily reported."
They then urged, "Investigative authorities must immediately launch a thorough and mandatory investigation into candidate Yoo and his spouse," and "Candidate Yoo, who has lost even the minimum qualifications and morality as a public official, must immediately resign from his candidacy."
The Democratic Party's Park Chan-dae Incheon mayoral candidate's election campaign committee (Dangchan Camp) announced, "All local committee chairpersons of the Democratic Party's Incheon branch will hold a press conference in front of the Incheon Provincial Police Agency tomorrow (22nd) around 9 AM to file a complaint against candidate Yoo for overseas asset concealment."
Park's side stated, "This complaint is to report candidate Yoo and his spouse to the police and urge an investigation in connection with the recording of candidate Yoo's spouse's illegal virtual asset transactions disclosed today."
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