Lee Sang-min's cash discovery at home… Controversy over asset reporting

With reports that large amounts of cash were found during the police search of former Minister of the Interior and Safety Lee Sang-min's home, the political sphere has been stirred.

On the 4th, former Supreme Council member Kim Jong-hyuk of the People Power Party expressed strong concerns while appearing on CBS Radio's "Kim Hyun-jung's News Show," stating, "If such bundles of cash were found in the home of someone influential in the (Yoon Suk-yeol) government, it would be truly shocking."

In particular, the controversy revolves around the fact that the former minister's official asset declaration reported a cash holding of "0 won."

According to reports from JTBC and KBS on the 3rd, the police's special investigation team for the state of emergency reportedly discovered eight to nine luxury bags, including an Hermes bag filled with bundles of 50,000 won bills, during the search of the former minister's residence on February 2nd.

Additionally, some of the bags were said to be in new condition, with brand labels still attached. KBS reported that the amount of cash found is estimated to be in the hundreds of millions of won.

Allegations regarding the source of the cash and omissions in asset declaration

It has been reported that the special investigation team for insurrection confirmed these facts while questioning police investigators who participated in the search of the former minister's home.

However, it has not been confirmed whether the police secured evidence regarding the bags and cash.

The most focused aspect of this matter is the cash's source.

Reviewing the asset details of the former minister, announced in the official gazette on March 21, it appears that he did not declare any cash assets.

At that time, the former minister declared deposits in his name amounting to 932 million won and 100 million won in his spouse’s name, all of which were funds deposited in financial institutions.

If the former minister held separate cash but failed to report it, this could constitute a violation of the Public Officials Ethics Act.

Possibility of lawyer's fees and rebuttal from Lee Sang-min's side

In the political arena, there is speculation that the former minister may have stored cash fees received in hand while he was practicing as a lawyer.

Yang Boo-nam, a congressman from the Democratic Party, appeared on the YouTube show "Kim Eo-jun's Humility is Difficult News Factory" the same day and mentioned, "It's not certain, but it's common for lawyers to receive fees in cash for cases," adding, "Such money could be stored."

If this cash were indeed lawyer's fees, the question of whether taxes were paid on it could also become another issue.

Meanwhile, both the former minister and his lawyer completely deny the existence of the cash. In a phone call with JTBC, the former minister strongly refuted the allegations, stating, "There is no basis for it, and it doesn't match the facts at all; it's nonsense," and added, "I will not respond to reports based on baseless claims."

Image sources: Former Minister of the Interior and Safety Lee Sang-min / News1, unrelated reference photo / gettyimagesbank, News1