[Public Officials' Assets] Real Estate Worth 7.9 Billion Won... Kim Sang-gyun, Korea Rail Network Authority Chairman, 'Top Wealth Holder in Ministry of Land, Infrastructure and Transport'

Disclosure of Assets of Senior Officials in Ministry of Land and Affiliated Agencies
Kim Sang-gyun, Chairman of Korea Railroad Corporation, 8.9 Billion KRW
Real Estate Only 7.9 Billion KRW...Only One Apartment in Seoul
Top Asset Growth: Heo Jeong-do, LH Standing Auditor, 3 Billion KRW Increase
Mostly Single Homeowners...Choi Chang-hak, President, Owns 4 Apartments

Sanggyun Kim, President of Korea Rail Network Authority

[Asia Economy Reporters Moon Jiwon and Lee Chunhee] Among senior public officials of the Ministry of Land, Infrastructure and Transport and its affiliated agencies, Kim Sanggyun, Chairman of the Korea Rail Network Authority, was found to possess the greatest wealth. Chairman Kim holds about 7.9 billion KRW of his total 8.9 billion KRW assets in land and buildings, with real estate assets alone increasing by more than 500 million KRW due to last year's rise in publicly announced land prices.

According to the 'Regular Asset Change Report' disclosed by the Government Ethics Committee on the 26th, Chairman Kim declared total assets of 8.96394 billion KRW, including those of his spouse and children. Among these, buildings accounted for the largest portion at 4.70886 billion KRW, land was 3.21308 billion KRW, deposits were 1.34145 billion KRW, and debts amounted to 519 million KRW.

He owns multiple commercial buildings, warehouses, and land in Goyang City, Gyeonggi Province, and Daejeon, but only one apartment located in Sangwangsimni, Seongdong-gu, Seoul. Chairman Kim co-owns this apartment, valued at approximately 763 million KRW, with his spouse. Due to a significant increase in government announced prices last year, his land and building assets increased by 221.2 million KRW and 283.9 million KRW respectively. Chairman Kim, who reported the highest assets among heads of the Ministry and its affiliates last year as well, increased his wealth by 747.68 million KRW over the past year.

Choi Giju, Chairman of the Ministry of Land, Infrastructure and Transport's Metropolitan Area Wide Transport Committee, followed with declared assets of 7.39398 billion KRW. Among Choi's assets, deposits amounted to 5.64554 billion KRW, and buildings, including two apartments in Songpa-gu, Seoul, and Paldal-gu, Suwon City, were valued at approximately 1.426 billion KRW.

Third place went to Heo Jeongdo, Standing Auditor of Korea Land and Housing Corporation (LH), who declared assets of 5.4234 billion KRW. Although last year's assets were about 2.231 billion KRW, the value of unlisted Daewoo Heavy Industries shares held by his spouse jumped from 211.48 million KRW to 3.08915 billion KRW this year, significantly increasing his wealth.

Regarding this, an LH official stated, "The Ethics Committee changed regulations to mechanically include shares in assets even if the company is bankrupt and liquidation procedures are not complete," adding, "Daewoo Heavy Industries shares are practically worthless, so it is hard to consider this an actual increase in assets."

[Image source=Yonhap News]

Gu Bonhwan, President of Incheon International Airport Corporation, declared assets of 5.37805 billion KRW, down by 272.24 million KRW compared to last year. He owns real estate worth 1.442 billion KRW, including an apartment in Naeson-dong, Uiwang City, Gyeonggi Province, and commercial property in Dongan-gu, Anyang City. Last year, he sold an 85㎡ apartment in Dodam-dong, Sejong City, and purchased a commercial property in Naeson-dong, Uiwang City, under his spouse's name.

Kwon Byungyun, Chairman of the Korea Transportation Safety Authority, declared assets of 4.46854 billion KRW, an increase of 1.02994 billion KRW from last year. Chairman Kwon owns land valued at approximately 1.12058 billion KRW. Although land prices rose and he received inheritance increasing land assets by about 157 million KRW, the total holdings decreased due to land in Pyeongtaek City being acquired by the city.

Chairman Kwon holds a significant portion of his assets (3.37 billion KRW) in buildings and real estate rights. He purchased an apartment in Eunma, Daechi-dong, Gangnam-gu, Seoul for 1.78 billion KRW, leased it for 530 million KRW on a jeonse (long-term deposit) basis, and currently lives on a jeonse of 1.55 billion KRW in an apartment in Dogok Rexle, Dogok-dong, Gangnam-gu.

Most heads of the Ministry's affiliated agencies were found to be single-homeowners. Lee Jaegwang, President of the Housing and Urban Guarantee Corporation (HUG), which relocated its headquarters to Busan Innovation City in 2014, owns one apartment in Bulgwang-dong, Eunpyeong-gu, Seoul, under his spouse's name. The price of this apartment rose by about 56 million KRW in one year. Kim Hakgyu, President of the Korea Appraisal Board, owns a detached house in Okcheon-gun, Chungcheongbuk-do, under his spouse's name, and Son Changwan, President of Korea Airports Corporation, owns one apartment in Sanbon-dong, Gunpo City, Gyeonggi Province.

Son Byungseok, President of Korea Railroad Corporation, co-owns an apartment valued at 1.65 billion KRW in Daechi-dong, Gangnam-gu, Seoul with his spouse, and Byun Changheum, President of LH, owns one apartment in Bangbae-dong, Seocho-gu, Seoul. However, Choi Changhak, President of Korea Land and Geospatial Informatix Corporation, was found to be a multi-homeowner with apartments in Mapo-gu, Seoul, as well as apartments, officetels, and detached houses in Daegu. Park Youngsoo, Chairman of the Korea Facilities Safety Corporation, also owns an apartment (under spouse's name) and an officetel in Dodam-dong, Sejong City.

This content was produced with the assistance of AI translation services.