Election Commission orders correction to Incheon mayoral candidate's property declaration

South Korea's Central Election Commission has issued a correction notice regarding the property declaration of Yoo Jeong-bok, the People Power Party candidate for Incheon mayor. The commission stated that the declared assets of Yoo's spouse were not factual, consequently making the couple's total declared assets inaccurate.

Initially, Yoo reported his spouse's assets at 439.881 million won and the couple's combined assets at 1.844 billion won. However, an objection was raised regarding the accuracy of his spouse's asset declaration. Following an investigation, the commission determined the spouse's assets to be 518.579 million won, bringing the couple's total to 1.922 billion won.

Yoo has argued that the undeclared amount resulted from investing funds received from his brother's property sale into virtual assets, which he believes are not subject to property declaration requirements. He has maintained that these funds were not his own.

However, guidelines from the Ministry of Personnel Management, which oversees public official asset declarations, state that even funds managed on behalf of others, such as group funds or ancestral property, must be reported. If accounts are in one's own name, they must be declared, with the details noted in a remarks section. This indicates that even if other people's money is mixed in, all accounts under the name of the individual or their spouse must be reported.