[2023 National Audit] Gas Corporation's Invested Company with 8.5 Billion Deficit, CEO's Annual Salary is 200 Million Won

The CEO of a special purpose company (SPC) for hydrogen charging stations, funded by Korea Gas Corporation, has been found to receive a high salary despite reporting losses amounting to billions of won.

According to data submitted by Korea Gas Corporation to Han Mu-kyung, a member of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee from the People Power Party, the deficit of HyNet, where the Gas Corporation is the major shareholder, has reached 16.6 billion won over the past four years.

Han Mu-kyung, member of the People Power Party./Photo by Yoon Dong-ju doso7@

The deficit of HyNet, which operates 44 hydrogen charging stations nationwide, surged 639% over four years, from 1.14 billion won in 2019 to 8.45 billion won last year. Han pointed out that HyNet has received nearly 100 billion won in government subsidies from the Ministry of Environment, indicating that the actual deficit is even larger.

Han also criticized that despite this, the HyNet CEO receives a high salary exceeding 200 million won. The first CEO, Yoo Jong-su, received an average of 220 million won, the second CEO, Do Kyung-hwan, an average of 210 million won, and the third CEO, Hyun Cheol, receives an annual salary of 170 million won excluding performance bonuses.

Han said, "While the salary of the president of the major shareholder, Korea Gas Corporation, is around 140 million won, the CEO of the investee company is taking home tens of millions more," adding, "the CEO's salary should be lowered to meet the public's expectations."

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