Uiwang Mayor Omits Property Report "Mistake...There is no profit in property.

Mayor Kim Sung-je of Uiwang, Gyeonggi Province, acknowledged the allegation that his spouse's unlisted shares were omitted at the time of reporting the property of public officials in February this year as a mistake, but said there was no property profit from the stocks.According to Mayor Kim's statement

, Mayor Kim's spouse A invested 9 million won in the establishment of a company in Asan, Chungcheongnam-do, on an offer from an acquaintance in June 2018, after Mayor Kim failed in the local election.

The company, which aims to implement a commercial building, was established with a total capital of 20 million won, including A's investment, and built a 10-story commercial building in Asan in April last year.

Regarding the company's financial status, Mayor Kim explained that the deficit has continued since its establishment due to the sluggish real estate market, and that it has been in a temporary surplus with about 60% of sales performance in 2022, the beginning of the sale of commercial buildings, but the deficit continues at about 37% unsold.

During the 2022 and 2023 property reports, he explained that the value of unlisted stocks owned by his spouse A was less than 10 million won, which was not subject to property reports, and accordingly, he did not file a property report.

Regarding the reason for the omission in this year's property report, Mayor Kim said, "The value of unlisted stocks has been temporarily overestimated," adding, "We misconceived that it will not be obligated to report as in previous years because the deficit situation continues."