The main opposition party on Thursday renewed accusations that the prime minister nominee engaged in real estate speculation, claiming that he earned illicit profits through four transactions.

Main opposition New Politics Alliance for Democracy Rep. Jin Sun-mee claimed that Lee made profits by buying and selling four apartments in Gangnam and Banpo, residential districts in southern Seoul that were designated as speculation zones by the government at that time.

Lee purchased the four apartments after entering public service in 1974, Jin said. The NPAD lawmaker cited property documents showing that Lee had purchased three apartments in the Banpo district of Seoul in the late 1970s and early ’80s by taking out loans on the properties.

Lee began by taking out a loan on his first home and using it to buy an apartment in Banpo district in 1978, Jin said.

“He took out additional loans on his second home and used the new money to buy a third home. Lee sold the second home once it doubled in value.”

Lee used the same method to buy his fourth home in the late 1980s, the NPAD lawmaker added.

“This is pretty much standard practice for real estate speculators,” Jin said, adding that the district was a hot target for speculators at the time.

This is the latest in a long list of criticisms of Lee, who was appointed to the Prime Minister’s Office on Jan. 23 by President Park Geun-hye.

Jin’s allegation adds to suspicions that Lee profited from land deals in Gyeonggi Province in 2000, while serving as a lawmaker on a parliamentary panel overseeing national real estate policy. The value of the property reportedly rose 10-fold between the time of purchase and sale.

Lee is also accused of purchasing and selling an apartment in the Gangnam district of Seoul in 2003. The ex-floor leader of the Saenuri Party made a profit, his critics say, of over 400 million won ($367,512).

But Lee has denied the charges, saying he has paid related taxes and has not done anything illegal. Lee’s supporters have said the experienced politician will reveal everything at his confirmation hearing next Monday.

The NPAD and Saenuri Party are at loggerheads over whom to call in as witnesses to the hearing, suggesting that it could be postponed.

Statements by top NPAD officials have shown, though, that Lee is likely to pass the confirmation, despite the accusations.

NPAD floor leader Rep. Woo Yoon-keun most recently told the incumbent Prime Minister Chung Hong-won that he had done a “good job during his time in office” during a nationally televised speech Wednesday, apparently implying that Lee would soon replace Chung.

Lee earned a reputation as a reasonable negotiator on divisive partisan issues during his term as Saenuri Party floor leader last year. He is one of the few governing party officials who enjoys respect from the NPAD’s top leaders, including Rep. Moon Hee-sang and Woo.

By Jeong Hunny ()


koreaherald@heraldcorp.com