Yoo Jeong-bok, a candidate for Incheon mayor from the People Power Party, faces allegations of falsifying asset disclosures, according to a complaint filed by the Incheon Metropolitan City Election Commission. The complaint, submitted to the Incheon Police Agency, accuses Yoo of underreporting his spouse's assets, which are said to be 518.57 million KRW, compared to the declared 439.88 million KRW. The total household assets were also allegedly understated at 1.84472 billion KRW instead of the actual 1.92297 billion KRW.
Reports suggest that Yoo's spouse held 21,000 units of cryptocurrency, which were transferred to overseas exchanges to avoid local disclosure requirements. The Incheon Police Agency's Anti-Corruption Investigation Unit will consolidate this complaint with a similar case filed by the Democratic Party of Korea for a comprehensive investigation.
Incheon Mayoral Candidate Accused of Falsifying Asset Disclosure
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