Election Commission Reports Yoo Jung-bok to Police over Suspected Omission of Virtual Asset Disclosure

Yoo Jung-bok, the People Power Party candidate for Incheon mayor, has been reported to the police over suspicions of failing to disclose his spouse's virtual assets (cryptocurrencies).

According to the National Election Commission on June 3, the Incheon City Election Commission submitted a complaint to the Incheon Metropolitan Police Agency on June 1, alleging a violation of the Public Official Election Act by Yoo. He is accused of filing false information regarding his assets during the candidate asset disclosure process.

The National Election Commission issued a correction notice the previous day, stating that the asset disclosure information published in Yoo's booklet-style campaign materials did not match the facts. The commission determined that the spouse's asset amount should be recorded as approximately 518.57 million won, not the previously stated 439.88 million won, and that the total assets for Yoo (including family assets) should be approximately 1.92297 billion won, not the previously stated 1.84472 billion won.

Yoo Jungbok, the candidate for mayor of Incheon from the People Power Party, is giving an interview to The Asia Business Daily at the election office in Michuhol-gu, Incheon. 2026.5.11 Photo by Kim Hyunmin

Previously, the election campaign committee for Park Chan-dae, the Democratic Party candidate for Incheon mayor, filed a police complaint against Yoo and his spouse for alleged violations of the Public Official Election Act and the Public Service Ethics Act. In response, Yoo's campaign committee filed a counter-complaint against those who raised the allegations, accusing them of spreading false information, among other charges.

The Anti-Corruption Investigation Division of the Incheon Metropolitan Police Agency, which is investigating the case, plans to merge the National Election Commission's complaint with the existing case and conduct a unified investigation.

Earlier, a media outlet reported suspicions that Yoo's spouse, while owning 21,000 units of virtual assets, transferred them to an overseas exchange and omitted them from the candidate's local election asset disclosure.

This content was produced with the assistance of AI translation services.