Gwangju City, Disclosure of Public Officials' Asset Changes

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] The Gwangju Metropolitan City Public Officials Ethics Committee announced on the 26th that it has disclosed the regular property change report details of 74 individuals subject to property disclosure under its jurisdiction through the Gwangju City electronic gazette.

The disclosure subjects under the committee's jurisdiction include 68 district council members and 6 executives from public-related organizations such as the Gwangju Urban Corporation. Meanwhile, 29 individuals including the mayor, vice mayor, city council members, and district heads were disclosed in the electronic gazette by the Government Public Officials Ethics Committee.

Those obligated to register property regularly must report property changes from January 1 to December 31 of the previous year (for first-time disclosers in 2019, from the date of first disclosure to December 31) by March 2 of the following year, according to Article 6 of the Public Officials Ethics Act.

The disclosure details of the subjects must be made public within one month after the reporting period ends.

The disclosure details can be checked in the Gwangju City electronic gazette.

Analysis of the disclosure reports of the subjects under the committee's jurisdiction showed that the average reported property was 852.8 million KRW, an increase of 82.01 million KRW (10.6%) compared to the previous year.

The increase was due to a 25.66 million KRW (31.3%) change in value from rises in individual land official prices and apartment official prices compared to the previous year, and a net increase of 56.35 million KRW (68.7%) from salary savings and other factors.

Additionally, 25.7% (19 people) of the disclosure subjects possess property worth 1 billion KRW or more based on total property value. Among the 74 individuals, 56 (75.7%) saw an increase in property, while 18 (24.3%) experienced a decrease.

The committee plans to complete the property review of the disclosed changes by the end of June and will take measures such as warnings, corrective actions, and fines according to the Public Officials Ethics Act if significant omissions or errors in property reporting are found due to gross negligence.

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