KIM KI-PYO STEPS DOWN FROM POST

[Anchor Lead]

The presidential anti-corruption secretary has announced that he would step down amid allegations of real estate speculation. Kim Ki-pyo, who reportedly owns properties worth nine billion won, was appointed just three months ago. President Moon Jae-in immediately accepted his resignation.

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Kim Ki-pyo, the presidential secretary for anti-corruption, stepped down amid allegations of real estate speculation. President Moon Jae-in accepted his resignation as soon as the decision was made.

[Soundbite] Park Soo-hyun(Senior Presidential Secretary for Public Affairs) : "Given the public officials’ duty and social responsibility expected by the people, he said he would no longer be a burden on government duties."

Accusations of Kim’s speculative property dealings were publicized three days ago when government officials’ assets were disclosed to the public. Kim reported his assets to be 3.92 billion won. But his real estate assets amounted to 9.1 billion won with financial debt taking up 5.6 billion won. He owns two establishments in a building located in Seoul’s Magok area. The real estate registry shows that the two sites were mortgaged for six billion won. Since Kim reported 6.5 billion won as the actual transaction price, he apparently purchased those properties mostly on loan. Another speculation accusation has been made over an area of land he owns in Gwangju, Gyeonggi-do Province. He bought 2,900 square meters of forest in 2017 and then changed the land’s usage type to one that allows construction. The reported price of the commercial building built on that land was 820 million won. When compared with the surrounding forest areas, this property transaction has given him a considerable amount of profit. Kim maintained that he had not intended to make any speculative gains from these dealings. But a high-ranking official at the presidential office said Kim’s resignation was accepted because his explanation failed to convince the Korean people.