Health minister nominee earned 40-fold profit in selling land

The nominee for health and welfare minister, Lim Chae-min, 53, earned a 40-fold profit by selling land he owned for 22 years, the results of a probe released Tuesday said.

The Dong-A Ilbo has begun an investigation to verify the eligibility of the four Cabinet minister designees since the announcement of the four candidates Aug. 30.

Lim moved into Hyundai Apartment Complex in Seoul`s posh neighborhood of Apgujeong-dong in February 1985, when he worked at the Commerce and Industry Ministry (now the Knowledge Economy Ministry). Ten months later he bought 4,336 square meters of land in Bangha-ri, Chunseong County (now the city of Chuncheon, Gangwon Province, changed his residential address to that area, and revised his address again a month later.

Then age 27, Lim is known to have changed his residential addresses due to laws on farmland that required a buyer of farmland to reside in the area where the farmland was located.

Lim sold the land in May 2007, when its price increased to 200 million won (186,000 U.S. dollars) from the original price of 5 million won (4,660 dollars). He paid 18 million won (16,700 dollars) in real estate transfer tax.

“My mother bought the land for her tomb in my name because I`m the oldest son. But since she suddenly passed away in 1989, we buried her in a public cemetery, put the land on sale, and managed to sell it in 2007. We had no intention to speculate,” Lim said.

After resigning as vice knowledge economy minister in March last year, he worked at the law firm Gwangjang (Lee & Ko) for 50 days from June 21 to Aug. 9. He earned 53.13 million won (49,500 dollars) in salary from the firm.

woohaha@donga.com