[2021 National Audit] Acting President Song Cheol-hee of Korea Racing Authority "Progress Needed in Online Betting Ticket Sales Discussion"

"Severe Management Crisis, Imminent Borrowing"

Chairman Kim Unam Dismissed "Apologize for Unfortunate Issues, Focus on Current Tasks"

Song Cheol-hee, Acting President of the Korea Racing Authority, responding at the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee's audit held on the 14th. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Song Cheolhee, Acting President of the Korea Racing Authority (KRA), appealed on the 14th, "I earnestly hope for more advanced discussions on the amendment bill of the Korea Racing Authority Act, which is pending in the National Assembly to establish grounds for online betting ticket sales."

At the National Assembly’s Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee’s audit held in Yeouido, Seoul, Acting President Song said, "Since last year, due to COVID-19, we have not been able to conduct normal horse racing operations, resulting in an extreme management crisis."

With horse racing virtually halted due to the impact of COVID-19, the difficulties faced by the KRA are increasing. Acting President Song appealed, "A bigger problem is that the hardships of horse racing stakeholders, whose livelihoods depend on conducting races, and horse breeding farms that rely mainly on breeding and selling racehorses, are accelerating, requiring extraordinary measures." The KRA launched an emergency management system and formed an emergency management committee and a management improvement task force in early August.

Acting President Song explained, "While focusing on employment stability, we have worked hard to support the livelihoods of horse racing stakeholders through customer-free mutual growth races using internal reserves and to compensate horse breeding farms for damages. However, despite reducing investment projects and budget costs and taking measures such as selling idle assets, we expect that funds will be completely depleted within this year, making it inevitable to consider external borrowing."

To revitalize management, the KRA has operated the Korea Racing Authority Innovation Council, composed of government officials, civic groups, and experts, since the second half of last year to devise innovation plans, and plans to implement innovation tasks starting this month. With the conclusion of the second horse industry promotion plan this year, the KRA will cooperate with the Ministry of Agriculture, Food and Rural Affairs to support the establishment of the third comprehensive plan within the year to ensure the internal strengthening and balanced promotion policies of the horse industry.

Regarding the recent dismissal of Chairman Kim Unam, who caused controversy due to abusive language, Acting President Song said, "We apologize for causing disappointment due to recent unfortunate issues," and added, "We will gather the capabilities of all executives and employees again to focus on overcoming the crisis and rebuilding the horse industry, which are urgent tasks."

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