Election Commission Files Complaint Against Incheon Mayor Candidate Yoo Jeong-bok for Asset Disclosure Violation

The Incheon Election Commission has filed a complaint against Yoo Jeong-bok, the People Power Party's candidate for Incheon mayor, over allegations of failing to disclose virtual assets.

According to legal sources on June 3, the Incheon Election Commission submitted a complaint to the Incheon Police Agency on June 1, accusing Yoo of violating the Public Official Election Act. Yoo is alleged to have omitted part of his spouse's assets during the asset disclosure process, leading to a false report.

The National Election Commission announced the day before that the amount of Yoo's spouse's assets was not the previously reported 439.881 million won, but rather 518.579 million won. Consequently, the total family assets of Yoo were determined to be 1.92297 billion won instead of the previously stated 1.844272 billion won. The Election Commission identified the omitted amount as approximately 78.69 million won.

The core of the allegations revolves around the overseas virtual asset account held by Yoo's spouse. A media outlet previously reported that Yoo's spouse owned 21,000 virtual assets, which were allegedly transferred to an overseas exchange and omitted from the asset disclosure for the local election candidacy.

Yoo's camp has explained that the virtual assets were investments made with proceeds from the sale of his brother's real estate, asserting that they do not represent actual assets of his spouse. However, the Election Commission has deemed that the reported asset values for both the candidate and his spouse were inaccurate, prompting the correction announcement and subsequent complaint.

The Public Official Election Act stipulates penalties for candidates who publish false information regarding their own or their spouse's assets for the purpose of election. A confirmed fine of over 1 million won would result in the invalidation of the election.

Previously, Park Chan-dae, the Democratic Party's candidate for Incheon mayor, also filed a complaint against Yoo and his spouse for violations of the Public Official Election Act and the Public Officials Ethics Act. Yoo's camp has countered by filing a complaint against those who raised the allegations for disseminating false information.

The Incheon Police Agency's anti-corruption investigation unit plans to merge the Election Commission's complaint with the existing investigation into the Democratic Party's complaint.