Police chief nominee Kim Jong-chul reports 2 billion won in assets, up 313 million

South Korea's nominee for National Police Agency commissioner, Kim Jong-chul, has reported assets of about 2.03 billion won (roughly 1.4 million US dollars) ahead of his confirmation hearing. That is 313 million won more than he declared earlier this year.

What happened?

According to the hearing request sent to the National Assembly on 11 November, Kim's total assets, including his family's, come to 2,032,006,000 won. The figure published in the official gazette in March, covering the end of last year, was 1,718,843,000 won. That means a rise of about 313 million won in roughly ten months.

About 30% of the increase, or 92.86 million won, comes from a plot of inherited land in Sangdaewon-dong, Seongnam. Kim inherited it jointly with his older sister after their father died in 2023, and holds a 90% share.

In March, his share was listed as about 30 square metres out of 59.5. The new filing corrects it to 53.55 square metres, matching the land registry. His side says the earlier figure was a mistake. With the corrected area and a change in official land prices, the plot's declared value rose from 109.77 million to 202.63 million won.

His family's deposits, including insurance and mutual-aid savings, grew by about 82 million won to 771.86 million. Financial debts fell by about 51 million won, which also pushed the net total up.

What are the questions about housing?

Two properties, one bought by his wife in 2014 in the same neighbourhood, could each lead to a right to a new apartment in a redevelopment. That has prompted allegations that he bought for speculation. His wife's separate plot there is declared at 261.11 million won.

Kim's side rejects this. It says his mother and his wife bought homes in 2008 and 2014 to live in. It adds that he tried to sell one of the rights but cannot at the moment because of land transaction restrictions.

The family moved in February from an apartment in Seoul's Songpa district to a row house in Gangnam. Police checks found no criminal record.

What's next?

President Lee Jae-myung said in his request that Kim has experience in street policing, local police, personnel and intelligence. He also pointed to Kim's time as acting commissioner, and to the task of reforming the criminal justice system and the police. The National Assembly hearing is where the asset and housing questions are likely to come up.