[Public Officials' Asset Disclosure] Ministry of SMEs and Startups, Director Cha Jeong-hoon Tops with 4.4 Billion KRW... Earned 300 Million KRW from Stocks Alone

Minister Kwon Chil-seung's Assets Total 525.66 Million KRW
Second Lowest Among Senior Officials at the Ministry of SMEs and Startups

Jaejung Hoon, Director of Startup and Venture Innovation Office, Ministry of SMEs and Startups

[Asia Economy Reporter Donghyun Choi] 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 at 4.40373 billion KRW.

According to the '2022 Annual Asset Change Report' published in the official gazette on the 31st by the Government Officials Ethics Committee, Director Cha's assets increased by 1.5306 billion KRW compared to the previous year, totaling 4.40373 billion KRW.

Director Cha is a former executive of NVIDIA, a company based in Silicon Valley, USA. After being recruited as a private expert to the Ministry of SMEs and Startups in September 2019, his asset declaration last year was 2.87312 billion KRW. Although he sold some of the 2,970 shares acquired through stock purchase warrants while working at NVIDIA, the company's stock underwent a 4-for-1 stock split, increasing his current holdings to 5,570 shares. The value of this stake rose, earning him 315.24 million KRW.

Director Cha also deposited 470.09 million KRW from the sale of stocks and other proceeds into a freely accessible bank account, increasing his deposits from 579.19 million KRW to 925.74 million KRW.

Additionally, when the lease rights for an apartment in Mia-dong, Gangbuk-gu, Seoul, and an officetel in Dunsan-dong, Seo-gu, Daejeon expired, Director Cha rented a 157㎡ apartment in Sangwangsimni-dong, Seongdong-gu, Seoul for 1.3 billion KRW and an officetel in Eojin-dong, Sejong City for 110 million KRW, both on lease. Both the apartment and officetel were leased at double the previous prices, drawing attention.

Deputy Minister Kang Seong-cheon reported assets of 894.58 million KRW, an increase of 113.29 million KRW from last year’s 781.29 million KRW. The official land price of his detached house in Hannam-dong, Yongsan-gu, Seoul, which he owns, rose by 79.79 million KRW from the previous year, reaching 692.75 million KRW.

Cho Ju-hyun, Director of the Small Business Policy Office, declared assets of 1.38058 billion KRW, up 88.12 million KRW from last year’s 1.29245 billion KRW. Byun Tae-seop, Director of the SME Policy Office, registered assets of 456.27 million KRW, an increase of 134.56 million KRW from last year’s 321.70 million KRW. Lee Jun-hee, Director of the Planning and Coordination Office, reported assets of 839.55 million KRW, an increase of 55.72 million KRW compared to one year ago.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups reported assets of 525.66 million KRW, the second lowest among senior officials of the ministry. The change in assets compared to the previous year was 30.61 million KRW. His assets under his name included an apartment in Byeongjeom-dong, Hwaseong-si, Gyeonggi Province (285 million KRW), an office lease in the same neighborhood (15 million KRW), a 2018 Sonata car (17.41 million KRW), and deposits (230.92 million KRW).

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