The Seoul City Audit Committee is investigating allegations that former councilor Kim Kyung's family company made over 8.5 billion won in profit from selling officetels to the Seoul Housing and Urban Development Corporation (SH).
Allegations have emerged against former Seoul City councilor Kim Kyung, indicating that a family-owned company profited over 8.5 billion won from selling two officetels to the Seoul Housing and Urban Development Corporation (SH). In response to these claims, the Seoul City Audit Committee has announced an audit of SH's rental housing program, focusing on the standards and processes of property acquisition. This comes amidst rising concerns over high purchase prices and potential conflicts of interest.
The Economic Justice Action Citizens' Alliance (κ²½μ€λ ¨) reported that Kim's brotherβs company sold two officetels located in Cheonho-dong, Gangdong-gu, to SH for approximately 280 billion won. After factoring out land acquisition and construction costs, it is estimated that his family company made around 85 million won in profit. This hefty profit has raised eyebrows, especially against the backdrop of Kimβs role in advocating for expanding SH's rental housing supply as a member of the Urban Planning Balance Committee.
Furthermore, the Economic Justice Action Citizens' Alliance is calling for broader investigations into other council members who have also urged SH to increase its rental housing offerings. They argue that these requests could represent conflicts of interest and warrant a thorough examination to ensure accountability in public housing dealings.
