The Mystery of President Lee’s 1.56 Billion Won in Royalties?… Declared Assets Total 4.98 Billion Won

[Choice Times=Soo-Young Park, People Power Party lawmaker]

The first round of asset disclosures by senior officials in the Lee Jae-myung administration has now been released in full. Starting with President Lee himself, it can be summed up in one phrase: a deception of the public.

President Lee reported total assets of 4.97721 billion won. That is an increase of 1.88807 billion won compared to a year earlier. But a significant portion of that increase appears highly questionable.

(1) 250 million won in wedding cash gifts?

President Lee reported that his cash holdings increased by 250 million won, specifying the source as “family events and congratulations/condolences.”
This appears to refer to the wedding gifts received at the marriage ceremony of his eldest son, Lee Dong-ho, held on June 14 of last year, just ten days after Lee took office as president.

Under Korea’s Anti-Graft Act, cash gifts to public officials for weddings are limited to 50,000 won per person. If President Lee did not violate the law, that would mean 5,000 guests attended
(50,000 won × 5,000 = 250 million won).

However, at the time, the presidential office stated that the wedding would be held privately, describing it as “a family event attended only by the president and first lady, relatives, and close acquaintances.”

Are there really 5,000 relatives and close acquaintances?

The public is already aware that, before the presidential election, wedding invitations bearing a bank account number for gift money were circulated. It is now time for the president to disclose who gave how much.

(2) 1.56 billion won in book royalties?

A substantial portion of the increase in President Lee’s assets —1.5606 billion won— reportedly came from book royalties.

That would mean he earned 1.56 billion won from royalties on his book,Ultimately, It Is the People Who Do It, which was published during his presidential campaign and reportedly became a bestseller.

While royalty terms vary depending on an author’s fame and publishing contract, there is a common saying in the publishing world:
“An author earns about 1,000 won per copy sold.”

If that standard were applied, it would mean President Lee’s book sold roughly 1.56 million copies.

In Korea’s publishing market, where even 100,000 copies sold is considered a blockbuster, that would be an extraordinary figure.

President Lee should disclose, in full:

• how many copies were actually sold,
• what contract he signed with the publisher, and
• how the royalties were calculated.

These are the kinds of materials that even cabinet nominees and other appointees are routinely required to submit during confirmation hearings.

Editor’s Note

Author royalties in Korea are typically around 10% of the retail price.

President Lee’s book, published in April last year, was priced at 22,000 won, which means he would have received roughly 2,200 won per copy in royalties.

That means for his royalty income to reach 1.5606 billion won, approximately 710,000 copies must have been sold.

Did a political book of this kind really sell that many copies during a period of political turmoil caused by the impeachment of Yoon Suk-yeol — in an already struggling publishing market?

If it had truly been such a massive hit, it would have generated major buzz and widespread media coverage.

But it did not.

That is what makes this such a mystery.

#LeeJaeMyung #AssetDisclosure #PoliticalControversy