Next Week's Public Officials' Asset Disclosure... Some May Lose Sleep

Government Officials Ethics Committee to Disclose High-Ranking Officials' Assets Possibly Next Week
Review of Last Year's National Assembly Members' Asset Disclosures Shows Over Half Own Land

[Asia Economy Reporters Ryu Jeong-min and Park Cheol-eung] The real estate assets of high-ranking public officials in the 3rd New Towns are expected to be disclosed as early as next week. This disclosure comes amid the controversy over real estate speculation by former and current employees of Korea Land and Housing Corporation (LH), and depending on the content, a backlash is anticipated.

The Government Officials Ethics Committee is in the final stages of preparing to disclose the "2021 Regular High-Ranking Public Officials' Asset Changes." The National Assembly and the Supreme Court's Ethics Committees are also separately preparing to disclose assets of ruling and opposition lawmakers and judges.

An official from the Ministry of Personnel Management explained, "The registration of high-ranking public officials' assets has been completed, and the disclosure process (through the official gazette, etc.) will follow," adding, "After disclosure, the registered details will be reviewed by the Ethics Committee."

On the 25th, National Assembly Secretariat officials are reviewing the 2020 regular asset change report details of 1,865 asset disclosure subjects, which were made public through the official gazette at the National Assembly./Photo by Dongju Yoon doso7@

The President, ministers, ruling and opposition lawmakers, judges, and prosecutors will disclose changes in assets of themselves and their spouses, direct ascendants and descendants. If the assets include land, the location will also be disclosed. This means that the land holdings in the Gwangmyeong-Siheung district, which has been the focus of controversy, as well as land holdings in the 3rd New Town areas, will be fully disclosed including addresses, area (in square meters), and value (actual transaction price).

As of last year, more than half of the members of the National Assembly, 155 in total, own land. This is based on an investigation of the asset lists of lawmakers who were announced by the National Assembly Ethics Committee in March before last year's general election, including those re-elected in the 21st National Assembly and newly registered lawmakers disclosed in August. Land owned by spouses, parents, and children is also included.

Among them, 88 lawmakers from the Democratic Party own land, accounting for 50.6% of the total 174 members, while 62 lawmakers from the People Power Party own land, accounting for 60.8% of the 102 members. Additionally, there are 2 from the Justice Party, 1 from the Open Democratic Party, and 2 independents. Lawmakers with land valued at over 100 million KRW include 43 from the Democratic Party and 31 from the People Power Party, roughly half of the land-owning lawmakers in each party.

The total land value held by Democratic Party lawmakers amounts to approximately 15.453 billion KRW, averaging about 176 million KRW per person. For the People Power Party, the total is about 23.587 billion KRW, averaging around 380 million KRW per person. Independent lawmaker Park Deok-heum, who left the People Power Party last year, was found to own land valued at approximately 21.3 billion KRW.

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