Assemblyman Lee Byung-hoon Proposes Bill to Eradicate Corruption Among Current and Former Public Institution Officials
Imposition of Duty to Maintain Business Confidentiality
[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] A bill to eradicate corruption among current and former executives and employees of public institutions has been proposed.
On the 27th, Congressman Lee Byung-hoon (The Democratic Party of Korea, Gwangju Dong-gu Nam-gu Eul) announced that he had proposed a partial amendment to the "Act on the Operation of Public Institutions" to strictly punish corrupt acts using work-related secrets by executives and employees of public institutions.
The amendment obligates not only current executives and employees of public institutions but also former ones to refrain from disclosing secrets learned through their duties. Furthermore, if they use confidential information obtained through their work to gain property or financial benefits, they will be subject to imprisonment for up to seven years or a fine equivalent to five times the illegally obtained benefits.
In addition to imprisonment and fines, all illegally obtained property or benefits will be confiscated.
If the amendment is passed, executives and employees of public institutions will be prohibited from obtaining financial benefits using important information learned during their duties even after retirement, and providing such important information to third parties to gain financial benefits will also be banned.
Transactions conducted through proxies such as family members or acquaintances, which have been cleverly carried out so far, will also be subject to punishment.
Hot Picks Today
"Samsung and Hynix Were Once for the Underachievers"... Hyundai Motor Employee's Lament
- "Sold Everything Fearing Bankruptcy, Then It Soared 3,900 Times: How a Stock Once Feared for Delisting Became an AI Powerhouse"
- Court Partially Grants Samsung Electronics' Injunction to Prohibit Industrial Action... 100 Million Won Penalty Per Day for Violations
- President Lee: "Corporate Management Rights Should Be Respected as Much as Labor Rights"...Final Samsung Labor-Management Negotiations (Comprehensive)
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
Congressman Lee said, "The LH scandal has caused not only disappointment but also anger among the public," adding, "We must persistently pursue sincere and effective legal amendments and institutional improvements in response to the stern reprimand of public sentiment revealed through the April 7 by-elections."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
