[Public Officials' Asset Disclosure] 433 Seoul District Council Members and Related Organization Heads Average Assets of 1.208 Billion KRW... 114 Million KRW Increase in One Year

Seoul Public Officials Ethics Committee Discloses Asset Change Reports of 433 Asset Disclosure Subjects
286 Officials with Increased Assets, 147 with Decreased Assets... Reports to Be Reviewed by End of June
68 Officials Reporting Assets Over 2 Billion KRW Account for 16% of Total

[Asia Economy Reporter Lim Cheol-young] The average household wealth of 433 Seoul city council members and heads of public-related organizations was 1.208 billion KRW, showing an increase of 114 million KRW. Among them, 286 public officials reported an increase in assets, while 147 reported a decrease. Sixty-eight officials, accounting for 16% of the total, declared assets exceeding 2 billion KRW.

On the 25th, the Seoul Metropolitan Government Public Officials Ethics Committee disclosed the regular asset change reports of 433 individuals subject to asset disclosure in the Seoul City Gazette. The disclosure subjects include 16 heads of public-related organizations under Seoul city and 417 city council members. The largest group, 128 individuals or 29.6%, reported assets between 100 million KRW and less than 500 million KRW, while 106 individuals or 24.5% reported assets between 1 billion KRW and less than 2 billion KRW. Additionally, 68 public officials declared assets exceeding 2 billion KRW.

The average household wealth of those subject to asset disclosure, including spouses, parents, and direct descendants, increased from 1.094 billion KRW to 1.208 billion KRW, an approximate rise of 114.99 million KRW compared to the previous report. The proportion of those with increased assets was 66%, while 34% experienced a decrease.

The main factors contributing to the increase were the rise in individual land official prices compared to the previous year, increases in official housing prices, salary savings, stock price appreciation, inheritance, and gifts. Decreases were attributed to increased expenditures such as living expenses and tuition fees, provision of marriage funds for children, and the occurrence of financial debts.

The Seoul Metropolitan Government Public Officials Ethics Committee plans to complete the review of the disclosed asset changes by the end of June. In cases of false or grossly negligent omissions or incorrect reporting, or if confidential information obtained through official duties is used to gain material or financial benefits, measures such as warnings, corrective actions, fines, dismissal, or disciplinary requests will be taken in accordance with the Public Officials Ethics Act.

Lee Yoon-jae, member of the Seoul Metropolitan Government Public Officials Ethics Committee (Chairman of the Audit Committee), stated, “We will strictly operate the asset registration and review system to prevent improper asset accumulation by public officials,” adding, “To this end, we will further strengthen the review of the asset formation process, including the acquisition background and sources of income.”

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