Lotte, Shinsegae, and Hyundai Department Store CEOs Summoned as Key Witnesses

Transportation Committee Approves "2023 Administrative Audit Plan (Including Witness Attendance)"... Requests Attendance of CEOs from Shinsegae, Lotte, Hyundai Department Stores to Address Urban Traffic Congestion and Key Issues... Requests Attendance of Representatives from Car Partners Asset Management and Greenwich Private Equity Regarding Controversial Private Equity Entry into City Buses... Requests Attendance of Key Institutions Including Hyundai Motor Company and The Swing Representatives on Taxi, Bus, Subway, and Personal Mobility Device (PM) Operations and Future Management

The representatives of Lotte, Shinsegae, and Hyundai Department Store have been selected as witnesses for the administrative audit by the Seoul Metropolitan Council’s Transportation Committee.

The Transportation Committee of the Seoul Metropolitan Council (Chairman Park Jung-hwa, People Power Party, Seongdong 1) announced that during the 320th extraordinary session, representatives from Shinsegae Co., Ltd., Cha Partners Asset Management, and Hyundai Motor Company were selected as witnesses for the 2023 administrative audit.

Chairman Park Jung-hwa, Transportation Committee

On September 13, during the 320th extraordinary session, the Transportation Committee passed the "2023 Administrative Audit Plan (including witness attendance)" to select these witnesses. Accordingly, the administrative audit is scheduled to be conducted from November 2 to November 15.

Committee members pointed out, “Large department stores in the city center cause surrounding traffic congestion, and especially during sale periods, increased traffic volume worsens traffic jams. It is necessary to identify problems and prepare improvement measures.”

Additionally, regarding the private placement fund (Private Placement Fund) for city buses, which was pointed out during the 2022 Transportation Committee administrative audit by requesting witness attendance, they stated, “In the semi-public bus system funded by citizens’ taxes, there are concerns about the expansion of city bus company acquisitions and monopolization by certain private placement fund operators, which undermines public interest. It is necessary to re-examine this and prepare improvement measures.”

Chairman Park Jung-hwa of the Transportation Committee said, “Through this administrative audit, it is necessary to have concrete discussions to fundamentally resolve traffic congestion caused by department store entry and exit vehicles, as well as to point out problems and prepare countermeasures for major transportation modes such as taxis, buses, and subways.” He added, “In particular, we will do our best to ensure that Seoul’s transportation policies operate properly regarding the stable operation of city buses following private placement fund entry and parking order for Personal Mobility (PM).”

Meanwhile, if a witness who has received a summons for the administrative audit fails to attend without a valid reason or refuses to testify, a fine of up to 5 million won may be imposed. (Local Autonomy Act Article 49, Paragraph 5)

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