Next Week's Asset Disclosure Forecasts 'Record-Breaking Typhoon'... 'New Town Land' Fully Revealed

Disclosure of High-Ranking Officials' Assets: Changes in Assets of Blue House, Government, National Assembly, and Courts Revealed
Increased Interest in Public Officials' Asset Disclosure, Including Addresses and Prices of Land Holdings in New Towns

[Asia Economy Reporter Ryu Jeong-min] The real estate asset details of 3rd New Town properties held by high-ranking public officials from the Blue House, government, National Assembly, and judiciary are expected to be disclosed as early as next week. This disclosure is drawing attention as it comes amid the controversy over real estate speculation by current and former employees of Korea Land and Housing Corporation (LH).

The Public Officials Ethics Committee is in the final stages of preparing to release the "2021 Regular Asset Changes of High-ranking Public Officials." The ethics committees of the National Assembly and the Supreme Court are also separately preparing to disclose assets of ruling and opposition lawmakers and judges.

According to the Public Officials Ethics Act, those obligated to register asset disclosures must report any changes in assets from January 1 to December 31 by the end of February of the following year. The registered assets are then disclosed through the official gazette or public bulletin by March. Last year, the asset disclosure was made at midnight on March 26.

On March 25 last year, officials from the National Assembly Secretariat reviewed the 2020 regular asset change reports of 1,865 individuals subject to asset disclosure, which were made public through the official gazette. Photo by Yoon Dong-ju doso7@

An official from the Ministry of Personnel Management explained, "The registration of assets by high-ranking public officials has been completed, and the process of disclosure (through the official gazette, etc.) will follow," adding, "After disclosure, the Public Officials Ethics Committee will review the registered details." This means they will verify whether there were any false registrations or errors in valuation calculations.

The President, ministers, ruling and opposition lawmakers, judges, and prosecutors must disclose changes in assets of themselves, their spouses, and direct ascendants and descendants. This means that the land ownership status in the 3rd New Town areas, including the controversial Gwangmyeong and Siheung, will be fully disclosed, including addresses, area (in square meters), and value (actual transaction price).

This year’s asset disclosure is expected to have significant political repercussions due to heightened public interest. Especially if it reveals that key Blue House figures and lawmakers from both ruling and opposition parties hold real estate in the 3rd New Town, it is likely to attract intense public scrutiny.

It would be even more problematic if it is found that they traded land after obtaining development information in advance, but even the mere fact of holding land in the 3rd New Town can cause controversy. Even if the individuals claim no illegal activity, it will be difficult to avoid suspicion.

This asset disclosure is expected to be carried out about ten days before the April 7 by-elections, potentially becoming a variable that influences the elections. If Blue House officials and ruling party lawmakers become the focus of suspicion, it could damage the ruling party, while real estate suspicions involving opposition lawmakers could harm the opposition.

Considering the time remaining until the election, there may be no opportunity to properly explain the suspicions before the vote. For this reason, there are predictions that this asset disclosure will become an "unprecedented typhoon."

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