If Moon appoints Hong as the minister of SMEs and Startups, he would be the third Cabinet members being appointed without parliamentary approval following Foreign Minister Kang Kyung-hwa and Defense Minister Song Youg-moo.

The main opposition Liberty Korea Party said if the government decided to press ahead with Hong’s appointment, they would take issue with its efforts to pass annual budget bills and appoint Lee Jin-sung as new Constitutional Court chief.

“Our opposition to Hong remains unchanged,” said Rep. Jong Yong-ki, deputy spokesperson of Liberty Korea Party. “We have no choice but to review our plan to link Hong’s appointment to the budget and other appointment issues,”

Rep. Kim Dong-cheol, floor leader of minor opposition People’s Party, struck a similar tone, saying although they would not go as far as to hinder a legislative process, he cannot prevent individual lawmakers from “taking their own steps.”

Moon’s governing Democratic Party of Korea, meanwhile, demanded prompt approval of Hong, saying he is the right man to execute the Moon administration’s economic reform plans and no “critical flaw” has been found during the confirmation hearing process.

Hong, the former economics professor and lawmaker, came under fire for a recent spike in his family assets and his criticism of family-run conglomerates after Moon tapped him to lead the newly minted Ministry of SMEs and Startups in October.

Describing Hong as “the right man” to create a balanced and creative economy centered on SMEs and startups, the presidential office claimed that Hong would translate his understanding of the new administration’s philosophy into a better policy.

While serving as a lawmaker in the 19th National Assembly, Hong was a vocal critic of wealth being passed on from one generation to another, calling for larger inheritance and gift taxes when assets are passed down skipping a generation in a family.

The opposition parties, however, have questioned his family‘s inheritance of property from his mother-in-law, which may not be illegal but seemingly contradicts with his views that are sharply critical of family-owned conglomerates.

The value of assets held by Hong and his immediate family rose from 2.17 billion won ($1.93 million) in 2012, to about 5.58 billion won this year. Much of the increase came from Hong’s mother-in-law giving real estate assets to his daughter and wife.

Hong and his aides have since revealed that all the gains were legitimate and relevant taxes were paid.

By Yeo Jun-suk (jasonyeo@heraldcorp.com)