Kim Byung-wook Clarifies Son's Apartment Funds
1Candidate Kim Byung-wook denied allegations regarding his son's apartment funds.
2He stated the couple's income fully explains the unclear 1.2 billion won.
3He clarified they signed a loan agreement for borrowed money and earn 1.7B won.
📖 Easy Explanation
🔍 Background
Recently, media raised suspicions of 'daddy's chance' after candidate Kim Byung-wook's son bought a Gangnam apartment for 2.8 billion won, claiming the source of 1.2 billion won was unclear.
📌 Key Points
Kim clarified that his son and daughter-in-law are dual-income professionals who have earned over 1.7 billion won. He emphasized that the 690 million won borrowed from parents is legally sound, as they signed a formal promissory note and regularly pay interest. Combined with bank loans and his daughter-in-law's savings, their assets are more than enough to cover the apartment.
💡 Why It Matters
This case highlights the importance of leaving transparent transaction records, such as writing formal promissory notes and exchanging interest, to avoid tax audits or controversies over illegal gifting when buying a house or lending money to children.
📚 Glossary
컷오프 (Cut-off)Eliminating candidates who fail to meet certain criteria in election nominations.
단수 공천 (Dansu gongcheon)Nominating a single candidate without holding an internal party primary.
MBA (MBA)Master of Business Administration degree.