[Public Officials' Assets] "House Prices Rise" ... 65% of Senior Officials in Busan See Increased Wealth

Busan City Hall

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] Among public officials such as district and county council members in the Busan area, 65.4% saw an increase in their assets, with an average increase of 51 million KRW.

Busan City disclosed the asset details and changes as of the end of last year for 188 individuals subject to asset disclosure, including district and county council members and heads of public-related organizations, through the Busan City Gazette at 9 a.m. on the 26th.

According to the current Public Officials Ethics Act, changes in assets of mayors, high-ranking public officials, city council members, district heads, and county heads are disclosed by the Government Public Officials Ethics Committee, while changes in assets of heads of Busan City public-related organizations and district and county council members are disclosed by the Busan City Public Officials Ethics Committee.

The average declared assets of those subject to disclosure by the Busan City Public Officials Ethics Committee was 703 million KRW, showing an average increase of 51 million KRW compared to the previous declared assets. Among the total 188 individuals, 123 (65.4%) experienced an increase in assets, while 65 (34.6%) experienced a decrease.

The factors for the increase include rises in official real estate prices, salary savings, business income, and inheritance, while the factors for the decrease include increased household expenses such as living costs and exclusion of direct lineal ascendants/descendants from registration (such as refusal to notify).

The Busan City Public Officials Ethics Committee plans to review the disclosed asset changes of public officials by the end of June, and if any cases of insincere reporting are found, it will take measures according to the severity, such as warnings and corrective actions, imposition of fines, and requests for dismissal or disciplinary action.

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