A Closer Look at the 'Hangang Bus'... Board of Audit and Inspection Says "Vessels Fail to Meet Speed Standards, Project Goals Unlikely to Be Achieved"
Audit Results Released
Vessels Reach Only 14.5–15.6 Knots, Publicly Announced as 17 Knots
Errors in Total Project Cost Calculation
"Internal Investment Reviews and Other Procedures Cannot Be Deemed Legitimate"
An audit has revealed that the 'Hangang Bus' vessels promoted by the Seoul Metropolitan Government failed to meet the required speed standards, making it difficult to adhere to the scheduled travel times.
On March 16, the Board of Audit and Inspection released the results of an audit requested by the National Assembly regarding the 'Hangang Bus and Yeouido Dock Development Project.' According to the Board of Audit and Inspection, despite being aware through related meetings in December 2023 that the expected speed of the vessels was only 14.5 to 15.6 knots, the Seoul Metropolitan Government publicly announced an operating speed of 17 knots and based its operation plans and schedules on this figure.
The Board of Audit and Inspection stated, "It will be difficult for the 12 vessels to achieve the operation times announced by the Seoul Metropolitan Government based on the 17-knot standard," adding, "There is concern that the project may not achieve its goal of improving commuting convenience for citizens by revitalizing new water-based public transportation." The travel times announced by the Seoul Metropolitan Government were 54 minutes for express service and 75 minutes for regular service.
Additionally, the Board of Audit and Inspection found issues in the procedure for calculating the total project cost. The Board pointed out, "The Future Hangang Headquarters of the Seoul Metropolitan Government calculated the total project cost based only on Seoul's financial contribution, but when assessing the benefits for the economic analysis, it accepted the results of the economic analysis by the University of Seoul, which included the benefits from above-dock facilities and vessel operational benefits that were not included as costs. This violated relevant regulations."
The Board of Audit and Inspection further stated, "Due to errors in calculating the total project cost, the central investment review by the Ministry of the Interior and Safety and feasibility studies by specialized institutions were omitted," and added, "Administrative actions, such as internal investment review and internal feasibility study services, cannot be recognized as legitimate procedures regardless of when they were conducted."
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However, the Board of Audit and Inspection determined that it is difficult to conclude that the Seoul Metropolitan Government provided preferential treatment to a specific company during the Hangang Bus vessel construction contract process. Regarding the 'Great Hangang' project, a new version of the Hangang Renaissance project, the Board also concluded that there were no illegal or unjust acts, nor any failure to fulfill responsibilities, in the selection, management, and supervision of operators.
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