Police Chief Nominee Reports 2 Billion Won in Assets... Redevelopment Apartment Controversy

Reported assets rose by more than 300 million won in 10 months
Inherited redevelopment land in Sangdaewon-dong, Seongnam
50% ownership share incorrectly reported; corrected to 90%

The assets of Kim Jongcheol, nominee for National Police Agency chief, increased by more than 300 million won in 10 months. The increase resulted from an error in the previously reported ownership share of inherited land, but some have also raised suspicions of speculation.

According to the property declaration in Kim's confirmation hearing request submitted to the National Assembly on November 11, Kim and his family reported assets totaling 2.032 billion won. Their assets as of the end of last year, which the Government Public Officials Ethics Committee disclosed in the Official Gazette in March this year, amounted to 1.71884 billion won. The reported total thus rose by about 313.16 million won in roughly 10 months.

National Police Agency Commissioner nominee Kim Jongcheol answers questions from reporters at the National Police Agency in Seodaemun-gu, Seoul, on the 10th. Yonhap News

Of the increase, 92.86 million won, or 29.7%, came from land in Sangdaewon-dong, Jungwon-gu, Seongnam, Gyeonggi Province. The reported value of the land Kim inherited rose from 109.77 million won in the previous declaration to 202.63 million won.

After his father died in 2023, Kim inherited the land jointly with his older sister and acquired a 90% ownership share. In the property disclosure in March, Kim's portion was recorded as 30 square meters, half of the total area of 59.50 square meters. In the latest declaration, it was corrected to 53.55 square meters, corresponding to his registered ownership share. The reason for the change was listed as "an error in reporting due to joint ownership and a change in the officially assessed land price." In other words, the area corresponding to his share had been reported incorrectly.

A separate plot of land that his spouse purchased in 2014 in the same area of Sangdaewon-dong was reported at 261.11 million won.

Both plots are included in the redevelopment project for Seongnam's Sangdaewon District 2. The two properties have each gained a right to move into a newly built apartment, prompting suspicions that Kim effectively bought the homes for speculative purposes. Kim's side explained, "His mother and spouse purchased the homes in 2008 and 2014, respectively, for the purpose of living in them," adding, "They tried to sell one of the occupancy rights, but are currently unable to dispose of it due to land transaction regulations."

In February this year, Kim moved from an apartment in Songpa-gu, Seoul, to a row house in Gangnam-gu. The lease deposit rose from 800 million won to 840 million won. His bank deposits increased by 82 million won to 771.86 million won. His debt fell by 51 million won. Since total assets are calculated by subtracting debt from assets, the reduction in debt also contributed to the increase in the reported total.

In a statement explaining the reasons for requesting a confirmation hearing, President Lee Jae-myung said Kim "has broad experience overseeing policy areas including local policing, autonomous police, personnel and information, as well as frontline policing" and "has the broad perspective needed to take on the historic tasks of reforming the criminal justice system and reforming the police." He added that Kim "was also tested in his management and leadership abilities while serving as acting chief of the National Police Agency, steadily managing the organization's crisis and actively responding to issues both inside and outside the agency."

The confirmation hearing is scheduled for November 18.

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