Saemaul Geumgo National Association Scandal: Financial Supervisory Service Investigation Results

2024-04-04 11:14:03

◀ Anchor ▶

The Saemaul Geumgo National Association and the Financial Supervisory Service, which have been investigating the business loan process received by the daughter of Democratic Party candidate Yang Moon-seok, released an interim inspection result stating that “allegations of illegality and impropriety were discovered” in the loan process.

The Democratic Party protested that the Financial Supervisory Service was interfering with government elections ahead of the election.

Reporter Kim Jeong-woo covered the story.

◀ Report ▶

A day following the Financial Supervisory Service joined the investigation, the Saemaul Geumgo Federation announced that “there was illegal activity in the loan process.”

[이승권/새마을금고중앙회 검사감독2본부장]

″Illegal and unfair charges were discovered, such as misappropriating private business loans for purposes other than those intended, submitting false documents, and reviewing bad loans.″

The daughter of Democratic Party candidate Yang Moon-seok’s daughter explained that the 1.1 billion won business loan received should only be used for business purposes, but 580 million won was used to repay other loans, and the remaining money was deposited into her mother’s account.

Candidate Yang’s daughter submitted the ‘Product Transaction Statement’, or five purchase receipts, to Saemaeul Geumgo for verification three months following the loan.

As a result of the National Tax Service inquiry, it was found that “two businesses had not been confirmed to be registered as businesses, and one business had already closed down before the loan.”

The Saemaul Geumgo Federation decided to notify the investigative agency of the test results.

The People Power Party repeatedly demanded candidate Yang’s resignation,

[한동훈/국민의힘 총괄선거대책위원장 (서울 송파)]

″The fraud was exposed. Everyone, despite this, I am determined to ruin your future by becoming a member of the National Assembly. Should we just wait and see?”

The Democratic Party avoided commenting on the future of candidate Yang and protested, saying, “The Financial Supervisory Service is interfering in government elections ahead of the election.”

[한병도/더불어민주당 전략본부장]

″Seeing that they are in such a hurry to take a position before the general election, we cannot help but wonder if the Financial Supervisory Service is involved in a somewhat negative offensive ahead of the general election.″

An official from the Financial Supervisory Service said, “We decided that it would be better to resolve uncertainty early on in areas of great social controversy,” but added, “We have never announced the results of inspections for individual safes.”

It is unusual for the Financial Supervisory Service, which does not have direct supervisory authority over Saemaul Geumgo, to preemptively participate in a joint investigation and release interim results just one day following the investigation.

Candidate Yang Moon-seok repeatedly apologized, saying, “I did something wrong,” but made it clear that he had no intention of resigning, saying, “This will be the flag for the end of the Yoon Seok-yeol regime.”

This is Kim Jeong-woo from MBC News.

Video coverage: Koo Bon-won and Lee Ji-ho / Video editing: Jeong Ji-young

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