[Public Officials' Asset Disclosure] Real Estate and Stock Price Increase Effects... Average Assets of Public Officials Approximately 1.4 Billion Won (Comprehensive)

Government Official Ethics Committee Releases 2021 Regular Asset Changes... "Rapid Review of Real Estate-Related Agency Assets by End of June"

[Asia Economy Reporter Ryu Jeong-min] The average assets of high-ranking public officials subject to asset disclosure this year were calculated at 1,412.97 million KRW. The assets of those subject to disclosure increased by 131.12 million KRW compared to the previous reported amount. This increase is attributed to the rise in the value of real estate and stocks.

The Anti-Corruption and Civil Rights Commission disclosed the regular asset change reports of 1,885 asset disclosure subjects at midnight on the 25th through the Republic of Korea Electronic Gazette. The disclosure subjects include political appointees under the executive branch, senior public officials of grade A, presidents of national universities, heads of public-related organizations, heads of metropolitan and basic local governments, metropolitan council members, and city/provincial superintendents of education.

This year, the average reported assets of those under the jurisdiction of the Anti-Corruption and Civil Rights Commission were 1,412.97 million KRW. Based on total assets, 52.5% (989 people) of the disclosure subjects reported owning assets under 1 billion KRW.

Regarding the composition of reported assets, 51.3% belonged to the individual, 39.2% to the spouse, and 9.5% to direct ascendants or descendants. Among the asset disclosure subjects, 79.4% (1,496 people) reported an increase in assets compared to the previous report, while 20.6% (389 people) reported a decrease.

Employees of the Ministry of Personnel Management reviewing the 2021 regular property changes. [Photo by Ministry of Personnel Management]

The factors for asset changes included increases in housing official prices, individual land official prices, the rise of the composite stock price index, and the realistic valuation of unlisted stocks (from face value to actual transaction price or appraisal value), resulting in an asset increase of 77.17 million KRW (58.9%). The net asset increase due to salary savings, inheritance, and gifts was 53.95 million KRW (41.1%).

The Anti-Corruption and Civil Rights Commission decided to establish and operate a ‘Public Official Asset Intensive Review Team’ to focus on scrutinizing the asset formation process of public officials.

The Commission explained, "Considering the importance and urgency of the matter, the team will be composed of dispatched personnel from related agencies such as the Ministry of Personnel Management, National Tax Service, National Police Agency, and Ministry of Land, Infrastructure and Transport. Real estate-related asset disclosure subjects will be promptly reviewed by the end of June, and the remaining disclosure subjects and non-disclosure subjects will be intensively reviewed afterward."

The review targets will prioritize owners of land and buildings within urban development areas and suspicious cases among new land transactions, focusing on the acquisition date, acquisition process, and income sources related to asset formation. If any illegal suspicions such as misuse of confidential information learned through official duties are found during the intensive review, immediate job suspension will be requested, and investigations will be referred to investigative agencies. Additionally, disciplinary requests and penalties will be pursued with the affiliated institutions.

The Anti-Corruption and Civil Rights Commission stated, "To realize a public service trusted by the people, we will support the sincere asset registration of public officials and strictly review the registered information."

Meanwhile, asset disclosure subjects belonging to the National Assembly, Supreme Court, Constitutional Court, Central Election Commission, and basic local council members of local governments will be disclosed separately by their respective jurisdictional ethics commissions.

Those obligated to register assets must report asset changes from January 1 to December 31 each year by the end of February of the following year, according to Article 6 of the Public Officials Ethics Act. The Anti-Corruption and Civil Rights Commission must disclose the reported details of jurisdictional asset disclosure subjects within one month after the reporting period ends, according to Article 10 of the same Act.