Law Office 'Ho-In' Attorney Kim Kyung-ho Submits Complaint to National Investigation Headquarters

Korea's People Power Party lawmaker Joo Jin-woo has been accused of falsely reporting his assets and evading gift tax on his son's inheritance. The complaint was officially submitted to the National Investigation Headquarters on the 20th by Attorney Kim Kyung-ho of the Law Office 'Ho-In'.

Attorney Kim stated, "Lawmaker Joo has multiple potential violations, including false asset reporting and omissions under the Public Official Ethics Act, as well as violations of inheritance and gift tax laws. Given the seriousness of this matter, which undermines public trust, thorough investigation and strict punishment are necessary."

Eldest Son's Deposit of 780 Million Won… "Verification Needed on Legitimacy of Simplified Generation Gift Tax"

According to the complaint, the total assets owned by lawmaker Joo and his family are estimated to be around 7 billion won. Notably, the financial situation of his eldest son (born in 2005) is drawing attention. He reportedly had savings in the 700 million won range since 2022, and by March 2025, his deposit balance was confirmed to exceed 780 million won.

This figure is approximately 370 times greater than the amount held by Kim Min-seok, the Prime Minister candidate's son, who has around 2 million won in savings. Joo's side explained that the funds were a gift from his grandfather and stated that they possess the gift tax payment receipt.

However, the complainant pointed out that "gifts made directly from a grandfather to a grandson fall under 'simplified generational gifts' and are subject to a maximum 40% gift tax surcharge," noting that "careful verification is needed to determine whether related taxes were duly paid."

Spouse's Debt Also in Question… "Possibility of Concealed Debt Cannot Be Excluded"

Another allegation was raised in the complaint regarding a personal debt of 180 million won that Joo's spouse borrowed from a third party.

The complainant argued, "It is difficult to understand why, in a situation where the individual and family hold multiple deposits, there is a reliance on high-interest personal debt. The repayment history is also opaque, suggesting the possibility of it being a means to evade gift taxes through concealed debt."

Attorney Kim explained, "Article 8-2 of the Public Officials Ethics Act prohibits false asset reporting and omissions. The Inheritance and Gift Tax Act also imposes strict penalties for deliberate evasion," adding that "violations can result in fines of up to 20 million won or imprisonment depending on the seriousness of the matter."

However, the complaint did not specifically mention allegations of criminal offenses such as bribery, collusion, or embezzlement. Attorney Kim stated, "Despite having been in public office for years, lawmaker Joo has not provided a satisfactory explanation for acquiring substantial assets," and emphasized that "this aspect should be clarified through future investigations."

"This Is Not Just a Simple Disclosure… The Source of Funds Must Be Accounted For"

Attorney Kim emphasized, "The asset disclosure system for public officials is not just a matter of numbers. If the source of funds and changes are not transparently explained, the system itself may be undermined."

He added, "Investigative agencies should not dismiss this complaint as a mere procedural violation, but should rigorously determine legal accountability."

Meanwhile, lawmaker Joo has recently attempted to engage in 'negative campaigning' focused on issues related to the asset formation of Prime Minister candidate Kim Min-seok.

This has led to views among some in the political sphere that this complaint may represent a political counterattack in response.

Image sources: Joo Jin-woo, People Power Party lawmaker / News1, Kim Min-seok, Prime Minister candidate / News1, News1