Minister Lee Young Reports 2.7 Billion Won in Assets, Decreases by 1.4 Billion Won in One Year

Decrease in Securities Assets Due to Blank Trusts of Unlisted Stocks

[Image source=Yonhap News]

Lee Young, Minister of the Ministry of SMEs and Startups, reported assets worth over 2.7 billion KRW. According to the public official asset changes disclosed in the government gazette by the Government Ethics Committee on the 30th, Minister Lee reported a total of 2.72567 billion KRW in assets belonging to himself and his mother. This is a decrease of 1.36787 billion KRW compared to last year (4.09354 billion KRW).

The reason for the decrease in assets is that the valuation of securities assets, which were reported as 2.11131 billion KRW last year, became '0' KRW. Minister Lee sold all of his unlisted stocks in Y Alliance (42,000 shares) and Tertel (170,720 shares) and placed them in a blind trust. Both companies were founded by Minister Lee. During last year's ministerial confirmation hearing, concerns about conflicts of interest were also raised.

Minister Lee also sold all of his listed stocks (10 shares of HMM, 170 shares of SK Hynix, 890 shares of Daewoo Construction, 200 shares of Samsung Life Insurance, 7 shares of Celltrion, 60 shares of KakaoBank, 120 shares of Hanwha Systems, 57 shares of Hyundai Mobis, and 120 shares of Hyundai Motor). Due to the deposit of proceeds from stock sales, deposits increased by 731.38 million KRW from the previous 607.25 million KRW to 1.33863 billion KRW.

Additionally, his mother owns an apartment located in Bangbae-dong, Seocho-gu, Seoul (1.307 billion KRW), and Minister Lee resides there with a jeonse deposit of 400 million KRW. He also newly reported the purchase of a 2022 GV80 (75.2 million KRW).

Among key officials of the Ministry of SMEs and Startups, Minister Lee had the highest assets. Vice Minister Jo Juhyun reported 1.50335 billion KRW, Planning and Coordination Office Director Oh Giwoong reported 2.068 billion KRW, Small and Medium Business Policy Office Director Byun Taeseop reported 512.01 million KRW, and Small Business Policy Office Director Lee Daehee reported 581.39 million KRW in assets, respectively.

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