Moon to launch investment fund to foot campaign costs

Democratic Party of Korea presidential candidate Moon Jae-in’s fundraising vehicle “Moon Fund” will open for public donations from Wednesday.

Moon’s campaign aides said Sunday that the fund will be launched at 9 a.m. Wednesday on the official website -- www.moonfund.co.kr.

According to campaign officials, the fund comes as part of Moon’s plan to make politics more transparent, seeking to “prepare campaign funds from the citizens seeking for a just and fair nation,”

“The new fund represents Moon’s will to cut the ties between government and businesses and to get rid of political corruption. The leader only owes the citizens,” the camp’s statement read.

Donations also carry the values of the Constitution and are intended to enable voters to become “investors in a new Korea,” the camp added.

The initial goal for the fund is to raise 10 billion won ($8.8 million). There are no limits on donations an individual can make.

Fund investors will have their investment redeemed by July 19, when the government provides state funds to election campaigns. Moon’s campaign will provide investors with an interest rate of 3.6 percent, which is an average of rates offered by 16 major South Korean banks.

By Jo He-rim (herim@heraldcorp.com)