Lee Jae-myung "Conservative Media Must Immediately Stop Political Attacks Over Free Toll on Ilsan Bridge"

Gyeonggi Province Governor Lee Jae-myung (fourth from the left) is taking a commemorative photo with attendees after holding a press conference at the "Ilsan Bridge Public Interest Disposition Joint Briefing" held at Ilsan Bridge on the 3rd.

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, warned conservative media to "immediately stop the political offensive regarding the toll-free policy of Ilsan Bridge."

On the 8th, Governor Lee stated on Facebook, "Conservative media criticize the public interest disposition of Ilsan Bridge as a demand for the National Pension Service to forgo expected profits," and pointed out that "this is a misguided and irrelevant claim."

He continued, "Roads are national infrastructure and clearly public goods," adding, "Even private companies must correct unreasonable operations that impose excessive burdens on the government and the public. Therefore, it is only natural that the National Pension Service Corporation, which operates the bridge with public pension funds, considers both profitability and public interest."

In particular, he emphasized, "The National Pension Service Corporation is the sole shareholder of Ilsan Bridge Co., Ltd. and also an investor providing funds in the form of self-loans," and stated, "Since acquiring 100% of the shares, the National Pension Service Corporation has raised tolls twice and charges interest rates of 8% on senior loans and up to 20% on subordinated loans."

Governor Lee said, "This structure exploits a dominant position to earn excessive profits, with the public bearing the damage," and added, "This contradicts the ESG (Environmental, Social Responsibility, and Transparent Governance) principles publicly announced by the National Pension Service. Moreover, claims that the National Pension Service suffers losses or harms the public’s retirement funds are not true."

Furthermore, he noted, "(The National Pension Service) acquired the bridge for 250 billion won in 2009 and earned a total profit of 220 billion won as of the end of 2020," adding, "The investment recovery from tolls and Minimum Revenue Guarantees (MRG) has already exceeded the construction costs."

He also stated, "The current Private Investment Act stipulates that public interest dispositions can be made for social infrastructure when necessary for public benefit, with fair compensation provided accordingly," and said, "Naturally, Gyeonggi Province will respect the shareholder returns of the National Pension Service Corporation within the scope defined by law and agreements and provide fair compensation."

Governor Lee further asserted, "Making the Ilsan Bridge toll-free is to guarantee the public’s right to transportation and mobility," and argued, "90% of Gyeonggi residents agree with toll adjustments or making it free. Neglecting a legally feasible improvement and guaranteeing the National Pension Service Corporation’s profits at the expense of Gyeonggi residents’ taxes and road users’ costs is a waste of public funds and an act of shirking responsibility."

Meanwhile, Governor Lee held a press conference on the 3rd, stating, "The Private Investment Deliberation Committee has completed the public interest disposition review of Ilsan Bridge. After the hearing process, if a decision is made in October, toll-free passage can begin," and added, "Until the final decision is made, dialogue and consultation with Ilsan Bridge Co., Ltd. and the National Pension Service Corporation will continue in parallel."

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