[Public Officials' Assets] Ministry of SMEs and Startups, Director Cha Jeong-hoon Tops with 2.8 Billion KRW... 800 Million KRW Profit from Stocks

Deputy Minister Kang Sung-cheon’s Sole Ownership Single-Family Home Official Land Price Rises, Increasing by 105 Million Won

Janghoon Cha, Director of Startup and Venture Innovation Office, Ministry of SMEs and Startups.
[Photo by Ministry of SMEs and Startups]

[Asia Economy Reporter Kim Jong-hwa] Among the senior officials of the Ministry of SMEs and Startups, Cha Jeong-hoon, Director of the Startup Venture Innovation Office, reported the highest assets amounting to 2,873.12 million KRW.

According to the '2021 Regular Asset Change Report' published in the official gazette on the 24th by the Government Officials Ethics Committee, Director Cha's assets increased by 941.63 million KRW compared to the previous year, totaling 2,873.12 million KRW.

Director Cha, who worked at the Korean branch of NVIDIA in Silicon Valley, USA, and was recruited as a private expert in September 2019, reported assets of 1,931.49 million KRW last year. He earned 880.33 million KRW from the rise in stock prices of 2,970 shares acquired through stock purchase warrants while working at NVIDIA.

About 78% of Director Cha's assets, approximately 2,240 million KRW, are financial assets held by himself and his family, and he attracted attention for not owning any real estate. The apartment in Mia-dong, Gangbuk-gu, Seoul (530 million KRW) and the officetel in Dunsan-dong, Seo-gu, Daejeon (50 million KRW) were both leased under jeonse contracts.

Deputy Minister Kang Seong-cheon reported 781.29 million KRW, an increase of 104.59 million KRW from last year (676.69 million KRW). The official land price of his single-family house in Hannam-dong, Seoul, increased by 81.83 million KRW, deposits held by him and his spouse increased by about 22 million KRW, and he sold the apartment in Sejong City, which he had lived in last year but was criticized for owning multiple homes.

Lee Jun-hee, Director of the Planning and Coordination Office, reported 783.83 million KRW, an increase of 54.99 million KRW from a year ago, and Byun Tae-seop, Director of the SME Policy Office, reported 321.70 million KRW, an increase of 31.90 million KRW from last year. Cho Ju-hyun, Director of the Small Business Policy Office, reported 1,292.45 million KRW, an increase of 13.37 million KRW from a year ago.

Minister Kwon Chil-seung declared assets of 598.70 million KRW at the personnel hearing last month. He reported an apartment in Hwaseong-si, Gyeonggi-do worth 285 million KRW, a commercial lease right worth 15 million KRW, a 2018 Sonata car worth 17.41 million KRW, deposits of 127.36 million KRW, political funds of 234.62 million KRW, and debts of 165.87 million KRW under his name.

Regarding the political funds of 234.62 million KRW reported as his assets at that time, Minister Kwon stated, "First-term lawmakers register their assets before receiving election reimbursement funds. After receiving the reimbursement, they register their assets at the end of the year, which structurally makes it appear as if their assets have rapidly increased." He also said, "If I become a cabinet member, I will propose a related legal amendment," drawing attention to future developments.

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