Following former President Yoon Suk Yeol receiving a guilty verdict in the first trial for violating the Public Official Election Act, putting the People Power Party at risk of having to return 39.7 billion won in election expenses, the party has drawn a line against rumors of selling its party headquarters.
Park Sung-hoon, senior spokesperson for the People Power Party, met with reporters at the National Assembly regarding the return of the 39.7 billion won in election costs, stating, "Preparations at the party level are in place."
According to the People Power Party, total assets as of the end of last year amounted to 131.5 billion won.
Among these, real estate assets including land, buildings, and lease deposits total 118.9 billion won, while cash and deposit-like assets amount to only 11.5 billion won.
Therefore, if the first-instance ruling is finalized as is by the Supreme Court, cash assets will not be enough, raising alternatives such as disposing of some real estate assets, including selling the party headquarters.
Previously, in 2004 during its predecessor Grand National Party era, the party sold its party headquarters in Yeouido, Seoul, and operated from a "tent party office" to pay off 82.3 billion won in illegal presidential election funds in the aftermath of the truckload bribery scandal.
For the People Power Party, a "tent party office" could be reenacted after 22 years.
Regarding this, Spokesperson Park stated, "I understand that selling the party headquarters is not being realistically considered," adding, "We are reviewing various ways we can resolve this."
Within the party, alternatives such as taking out a loan using the current party headquarters as collateral or paying in installments are also reportedly being discussed.
Yesterday, the 21st Criminal Division of the Seoul Central District Court sentenced former President Yoon, who was indicted on charges of violating the Public Official Election Act, to 1 year and 6 months in prison with a 3-year suspension of execution in the first trial.
The court ruled all the charges against former President Yoon to be guilty.
Reported by Kim Jiuk | Video by Jang Yu-jin | Graphics by Lee Jung-joo | Produced by SBS Digital News
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