By Kang Hyun-kyung
Staff Reporter
Close aides of presidential contender Lee Myung-bak of the Grand National Party (GNP) pressed rival Park Geun-hye Wednesday to explain how Park had spent the large amount of money she had received from former President Chun Doo-hwan.
The former Seoul mayor's camp turned to ``eye-for-an-eye'' campaigning after aides of Park kept urging Lee's camp to clarify if Lee hid wealth in the names of family members.
Lee's brother and brother-in-law sold their property in Dogok-dong, Seoul, in 1995, receiving 26.3 billion won cash.
Strategists of the former party chairwoman kept raising suspicions that Lee might hide his wealth in the name of family members in regard to the property in Dogok-dong.
According to them, Lee's eldest brother and brother-in-law purchased the property in 1985 and sold it to POSCO in 1995.
Park's camp said that the two might not be the legitimate owners of the real estate, given that they have not reinvested the large amount of cash into other businesses and Lee's brother-in-law faced a housing seizure for his inability to repay a debt of 0.2 billion won.
Hard pressed, Lee's camp explained how the two spent the money.
According to Lee's spokeswoman Chin Soo-hee, they spent 3 billion for taxes and divided the remaining money equally. They bought financial products and managed their wealth separately.
Those who raised suspicions are questioning why the two failed to reinvest the money in other businesses, which would bring more profit.
``I guess portfolio investment strategy was one of the widely used wealth management plans for successful businesspeople and probably their decision to go for financial products was made in this context,'' said Chin.
The loyal lawmaker said it is the former party chairwoman's turn to clarify contentious issues.
``Park's camp should make clear how she spent 600 million won, which she received from the former president. The former party chairwoman should also answer if the media report that she had an additional bank account is true,'' Chin said.
Close aides of Park requested the in-house ethics committee take adequate measures to punish Chin for committing a harmful act against the presidential contender.
They criticized Lee's camp saying that the cash flow that Lee's camp presented has failed to purge suspicions.
``It does not make sense that the relatives of Lee undersold the property to POSCO because there were others who were willing to pay a higher price than the steel giant proposed,'' said Rep. Yoo Seong-min.
Yoo said the former Seoul mayor has not explained where the money came from that they purchased the land with in 1985.