Hong Ik-pyo on YTN Sale: "Attempt at All-Out Broadcast Control... Considering National Audit"

Hong Ik-pyo, the floor leader of the Democratic Party of Korea, expressed strong regret on the 24th regarding the sale of YTN shares, stating, "We strongly regret the regime's unrepentant all-out attempt to seize control of the broadcasting sector." The Democratic Party plans to thoroughly verify the entire process of the YTN sale and consider a National Assembly audit if necessary.

[Image source=Yonhap News]

At a National Assembly inspection countermeasure meeting held that day, Floor Leader Hong said, "YTN is a 'quasi-public broadcaster' that has established itself as a 24-hour news channel under a structure where a public enterprise holds 30.95% of the shares but does not intervene in management or reporting," adding, "We will thoroughly verify the entire process surrounding the sale."

He pointed out, "Above all, there are allegations that the Presidential Office and the government exerted tangible and intangible pressure during the YTN sale process," and criticized, "As soon as the Ministry of Trade, Industry and Energy issued the opinion to Korea Electric Power Data Network (KEPCO KDN) and Korea Racing Authority that 'there is no guarantee that YTN will continue to generate operating profits, so it is unreasonable to continue holding the shares,' KEPCO KDN and the Korea Racing Authority decided to sell." He added, "Controversies are already expanding over the sale at a bargain price and breach of trust," and emphasized, "The entire sale process is full of suspicions."

Floor Leader Hong also described the Eugene Group, announced as the largest shareholder, as "shocking."

He stated, "The chairman of Eugene Group was convicted by the Supreme Court in 2014 for bribing a special prosecutor to cover up an investigation," and criticized, "This decision by the Korea Communications Commission to dismantle the public nature of YTN, which the people have protected, and privatize the broadcasting with immoral capital is very wrong."

Floor Leader Hong emphasized, "To protect the independence and fairness of broadcasting, we will consider a National Assembly audit if necessary."

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