[2022 National Audit] Kwon Nam-ju, CEO of Kamco, "Will Devise Methods to Recover Bonds from Cho Kuk's Family"

[Asia Economy Reporter Eunju Lee] Kwon Nam-joo, President of Korea Asset Management Corporation (KAMCO), announced plans to strengthen efforts to recover bonds owned by the Cho family related to Ungdong Academy.

On the 17th, during the National Assembly's Political Affairs Committee audit, Kang Min-guk, a member of the People Power Party, pointed out, "According to the bonds principal and interest submitted by KAMCO, the Cho family's bond principal as of the end of September 2022 amounts to 13.66 billion KRW, and the interest reaches 11.45 billion KRW, which is more than five times the principal balance." The bonds held by KAMCO related to the Cho family consist of bonds from Ungdong Academy and the Korea Technology Finance Corporation.

Furthermore, Representative Kang stated, "Since KAMCO acquired the Cho family's bonds in 1999, it has only recovered bonds twice up to 2022," adding, "The Korea Technology Finance Corporation bonds have not been recovered even once since 2013. Despite clear instructions during last year's audit to devise recovery plans for the bonds held by the family, the results are very disappointing." According to Representative Kang, KAMCO has only sent 58 reminders for bond repayment from 2001 to September 2022.

In response, President Kwon said, "Although it is practically difficult to approach, we are devising methods such as sending reminders and visiting to recover the bonds," and added, "There were also criticisms during last year's audit, and reflecting on that, we have made efforts to establish a hidden asset reporting center, including a citizen reporting system."

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