Innovation Party launches full-scale attack over Kim Yong-nam's loan business allegations; Democratic Party 'closely watching'

The Jo Guk Innovation Party has launched a strong offensive against Kim Yong-nam, the Democratic Party's candidate for the June 3 Pyeongtaek-eul parliamentary by-election, over allegations of operating a loan business through a shell company.

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Please seriously consider your position so as not to burden the democratic and reformist camp any longer.

Rep. Shin Jang-shik of the Innovation Party urged Kim to seriously consider his position to avoid burdening the democratic and reformist camp. He also called on the Democratic Party to expedite its ethical review. Jo Guk, the Innovation Party's candidate for Pyeongtaek-eul, stated that the allegations severely disrupt the election's core goal of achieving a clean sweep in local elections.

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The allegations are severely disrupting the crucial goal of the June 3 local elections, which is to achieve a clean sweep.

The controversy erupted after TV Chosun reported on May 22 about a recorded conversation suggesting Kim's de facto ownership of a loan business operated through an agricultural company he owned. In the recording, Kim allegedly said, "The dividends are all mine anyway," implying his control over the business.

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It was included as a subsidiary when I acquired my brother's agricultural company, which was facing a management crisis in 2020. We have already filed for 폐업 (closure) with the relevant authorities and are preparing for liquidation.

Kim Yong-nam responded the same day, stating that the loan business was merely a subsidiary of his brother's struggling agricultural company, which he acquired in 2020. He asserted that the allegations are false, noting that the company has already filed for closure and is preparing for liquidation. However, the controversy persists as it was revealed that the company renewed its loan business registration on May 18, just days before the report.

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I learned about the renewal of the loan business registration through the media for the first time. It seems to have been automatically extended every three years. I have never been involved in its specific management, nor do I know about it. I have not received any dividends or profits.