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Moon raises 10 bln won for election fund in 1 hour

All News 14:31 April 19, 2017

SEOUL, April 19 (Yonhap) -- Presidential front-runner Moon Jae-in on Wednesday raised 10 billion won (US$8.76 million) in campaign funding within only one hour, his party said.

Moon's liberal Democratic Party opened the online fundraiser at 9 a.m. and closed it an hour later after they reached its target of 10 billion won.

Presidential front-runner Moon Jae-in of the Democratic Party announces his policy pledges for middle-aged workers in a press conference held at his party headquarters in Seoul on April 19, 2017. (Yonhap)

The money will be used to pay for Moon's campaign for the May 9 election, which could cost up to 50 billion won. It will be paid back, along with an annual interest of 3.6 percent, on July 19 when the party and its presidential nominee will have their costs reimbursed by the election watchdog.

Each candidate may be reimbursed up to 50.9 billion won, a ceiling placed by the National Election Commission, as long as they win more than 15 percent of all eligible votes cast in the upcoming election.

Those with less than 15 percent but more than 10 percent of the votes will have half of their costs returned, while those with less than 10 percent will end up poorer by the amount they spend over the 22-day campaign period that began Monday.

Return on investment in Moon's election fund is considered a sure bet as the liberal presidential nominee currently leads most opinion polls, enjoying an approval rating of over 40 percent in some.

The captured image of the Democratic Party's website for its presidential candidate Moon Jae-in shows a pop-up message, telling visitors and prospective investors that the first fundraising program for Moon held on April 19, 2017, has come to an end after the target amount has been raised. (Yonhap)

The party officials said the election funds were designed to give people a chance to become part of shareholders in a regime change.

Moon, if elected, will be the country's first liberal head of state in a decade since the late former President Roh Moo-hyun's 2003-2008 presidency.

The Democratic Party said it may raise additional funds through public offerings in the future.

bdk@yna.co.kr
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