"Media Companies and Owners' Asset Disclosure is a Basic Premise for Fair and Objective Reporting"
"Amendment of the Media Arbitration Act is Not the End but the Beginning of Media Reform"
Kim Eui-gyeom, a member of the Open Democratic Party, is questioning the real estate status of the Chosun Ilbo company and its owner family during the education, social, and cultural sector government questioning held at the National Assembly plenary session in Yeouido, Seoul, on the 16th. [Image source=Yonhap News]
[Asia Economy Reporter Kim Soyoung] On the 16th, Kim Euigyeom, a member of the Open Democratic Party, disclosed the assets of the Chosun Ilbo owner family, stating, "The disclosure of assets of media companies and their owners is necessary for the media to take responsibility commensurate with their influence and to provide fair and objective reporting."
On the same day, during a government questioning session on education, society, and culture at the National Assembly, Rep. Kim said, "To demonstrate the necessity of an asset disclosure system for media companies and their owners, I tracked the real estate owned by Bang Sang-hoon, president of Chosun Ilbo, and his family," and made the disclosure.
According to the data disclosed by Rep. Kim, the total land area owned by the Chosun Ilbo and the owner family, including 319,952 pyeong (1,057,692㎡) owned by President Bang, amounts to 381,122 pyeong (1,259,907㎡). Rep. Kim claimed, "This is about 45% of the Yeouido area, valued at 480 billion KRW based on this year's official land price. Applying market prices, it reaches at least 2.5 trillion KRW."
He continued, "The private lands are mainly distributed in Ganeung-dong, Uijeongbu-si, Gyeonggi Province; Paltan-myeon, Hwaseong-si, Gyeonggi Province; and Heukseok-dong, Dongjak-gu, Seoul," and questioned, "Would such a real estate conglomerate media company report and investigate for the homeless common people?"
He also pointed out, "The house where President Bang Sang-hoon lives in Heukseok-dong, including the land, amounts to 4,600 pyeong of land owned by the Bang family. This year's official house price is 15.4 billion KRW, and in 2012, it was announced as the most expensive house nationwide, surpassing the residence of Samsung Chairman Lee Kun-hee. Vice President Bang Juno received this Heukseok-dong land as a gift at the age of just 15 and was ranked 6th among high taxpayers of land property tax in Seoul."
Rep. Kim raised suspicions about the fact that during the designation of the Heukseok-dong area as a redevelopment promotion district in 2006, President Bang's house was excluded from the district designation by being designated as a preservation area under the pretext of "forming a green system." He said, "From President Bang's perspective, it would be more beneficial to hold the land and gain development profits from the peripheral development rather than receiving compensation for the land."
Regarding the approximately 320,000 pyeong of land in the Uijeongbu area, he predicted, "Since it borders a U.S. military base that has been confirmed to relocate, if the land is developed according to Uijeongbu City's plan, land prices will surge due to improvements in surrounding infrastructure such as roads."
Rep. Kim added, "In the past, media companies profited indirectly through real estate advertisements, but now they are directly involved with their assets, rental income increases, and real estate development interests," and said, "The disclosure of assets of media companies, their owners, and senior executives is a basic premise to impose responsibility commensurate with the media's influence and to ensure fair and objective reporting."
He emphasized, "The Media Arbitration Act, which aims to remedy damages caused by erroneous media reports, is about to be amended," and said, "I hope it will definitely pass at the plenary session on the 27th. The amendment of the Media Arbitration Act is not the end but the beginning of media reform."
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