Election watchdog files complaint against Incheon mayoral candidate over undeclared virtual assets

South Korea's election watchdog has filed a criminal complaint against Yoo Jeong-bok, the Incheon mayoral candidate for the People Power Party, for allegedly failing to report virtual asset holdings. The Incheon Election Commission accused Yoo of violating election law by submitting a false property declaration during his candidacy for the June 3 local elections.

Yoo's campaign claims the virtual assets were investments made with his brother's money and therefore not subject to his declaration, but election officials cite regulations requiring all assets in a candidate's name to be reported.

The controversy stems from Yoo's initial property declaration, which stated his wife's assets at 439.88 million won and the couple's total assets at 1.84 billion won. However, it was later revealed that virtual assets held in his wife's overseas account were omitted. The National Election Commission subsequently amended the public notice, stating his wife's actual assets were 518.58 million won, bringing the couple's total to 1.92 billion won.

Yoo has maintained that the undeclared assets were a result of investing his brother's real estate sale proceeds into virtual assets, arguing that since the funds were his brother's, they were not subject to his personal declaration. He reiterated this defense during a mayoral candidate debate on May 26, stating, "There is clear evidence for this. The funds were transferred to the account, and since I invested them without involvement, it is clear that I could not register them as assets."

Meanwhile, the Incheon Police Agency has assigned the case, filed by the Democratic Party's Incheon mayoral candidate Park Chan-dae on May 22, to its anti-corruption investigation unit. The complaint accuses Yoo and his wife of violating election law and public official ethics law.

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This part has clear evidence. The funds were transferred to the account, and since I invested them without involvement, it is clear that I could not register them as assets.