The election watchdog announced on Monday that the main opposition Democratic Party(DP) candidate Yang Moon-seok has been reported to the police for violating the Public Official Election Act by falsifying information.
 
The National Election Commission(NEC) reported Yang to the Ansan Sangnok Police Station last Friday. The DP candidate allegedly reported an apartment in Jamwon, southern Seoul, to the election watchdog under the publicly announced land value of two-point-156 billion won, or around one-point-856 million U.S. dollars, rather than the purchase price of three-point-12 billion won.
 
The Public Service Ethics Act stipulates that when election candidates report real estate they own, they must enter the higher value between the publicly announced land value and the actual transaction price.
 
The property is also at the center of another controversy, as it has been alleged that Yang took out a business loan of one-point-one billion won under the name of his daughter and used the money to purchase the apartment in the upscale neighborhood in southern Seoul.
 
Meanwhile, the People Power Party(PPP) announced that it would report Yang to the Supreme Prosecutors' Office for publishing falsified information, saying he gave false information after suspicions surrounding the bank loan came to light. The PPP also called for the candidate to resign from the general election.