Among 36 Public Enterprises, 14 Show Deterioration in Both Debt and Net Income

Korea Land and Housing Corporation (LH) recently held an emergency countermeasure meeting to investigate the allegations of preemptive speculation by some employees in the new town development and to promptly establish measures to prevent recurrence. On the 4th, they issued a public apology regarding the occurrence of the preemptive speculation allegations. / Photo by Yonhap News

[Asia Economy Reporter Lim Ju-hyung] Korea Land and Housing Corporation (LH), which faced allegations of land speculation in new towns by some employees, was confirmed to have paid the highest executive performance bonuses last year.

According to the office of Choo Kyung-ho, a member of the National Assembly's Planning and Finance Committee from the People Power Party, LH paid a total of 539.38 million KRW in performance bonuses to 7 executives last year, ranking first among public enterprises.

Following LH, Korea Hydro & Nuclear Power (508.8 million KRW) ranked second, Korea Real Estate Board (483.36 million KRW), Korea Expressway Corporation (477.10 million KRW), and Korea Minting and Security Printing Corporation (464.35 million KRW) followed.

However, based on the average amount per executive, Korea Hydro & Nuclear Power (83.48 million KRW), Korea Real Estate Board (80.56 million KRW), Korea Minting and Security Printing Corporation (77.39 million KRW), and LH (77.05 million KRW) ranked fourth.

The average total executive performance bonus amount among 36 public enterprises was 248.39 million KRW, and the average amount paid per person was 53.86 million KRW.

Meanwhile, it was revealed that the management conditions of public enterprises have not improved. The debt of 36 public enterprises increased by approximately 26.65 trillion KRW, and net income decreased by 277.1 billion KRW. Among the 36 enterprises, 14 experienced deterioration in both debt and net income.

Regarding this, Representative Choo pointed out, "Despite the worsening financial structure of public enterprises, executives responsible for this are receiving performance bonuses worth tens of millions of KRW."