[Public Officials' Asset Disclosure] Choi Nam-il, Gangnam-gu Council Member, Reports 34.5 Billion KRW, Increased by 13.6 Billion KRW... Seoul City Subjects' Assets Up 11%

Seoul Public Officials Ethics Committee Discloses Asset Change Reports of 417 Asset Disclosure Subjects
280 Increased Assets Compared to Last Year...137 Decreased Assets

[Asia Economy Reporter Lim Cheol-young] Choi Nam-il, a member of the Gangnam-gu Council, reported assets totaling 34.5 billion KRW, an increase of more than 13.6 billion KRW compared to before, making him the public official with the highest declared assets among Seoul’s district council members.

On the 31st, the Seoul Metropolitan Government Public Officials Ethics Committee disclosed the regular asset change reports of 417 individuals subject to asset disclosure through the Seoul City Gazette. This regular disclosure includes 6 heads of public-related organizations under Seoul city and 411 district council members.

The average declared assets of the 417 individuals subject to disclosure as of the end of last year was 1.344 billion KRW, an increase of approximately 136 million KRW (11.3%) compared to the previous year’s report. Among them, 280 individuals (67.1% of the total) reported an increase in assets, with 3 individuals increasing their assets by more than 1 billion KRW.

Among the heads of related organizations, Gil Ki-yeon, CEO of the Seoul Tourism Foundation, declared the highest assets of 2.24106 billion KRW, which decreased by 571.26 million KRW. Lee Kang-taek, CEO of the Seoul Media Foundation TBS, declared 1.84964 billion KRW, an increase of 93.34 million KRW. Song Kwan-young, director of Seoul Medical Center, reported 1.64687 billion KRW, an increase of 299.18 million KRW, while Kim Joong-sik, president of Seoul Energy Corporation, declared 1.19414 billion KRW, a decrease of 135.46 million KRW.

Status of Top Council Members by Total Assets

Among district council members, Choi Nam-il of the Gangnam-gu Council ranked first with a total asset increase of 13.67179 billion KRW, reporting 34.51558 billion KRW in total assets. Lee Hyun-mi of the Yongsan-gu Council reported an increase of more than 252.97 million KRW, totaling 8.89218 billion KRW; Bang Min-su of the Gangdong-gu Council reported an increase of 757.77 million KRW, totaling 8.7253 billion KRW; and Hwang Young-ho of the Gangseo-gu Council reported an increase of 1.27924 billion KRW, totaling 8.3386 billion KRW.

These individuals subject to asset disclosure are required under Article 6 of the Public Officials Ethics Act to report changes in assets from January 1 to December 31 of the previous year by the end of February of the following year. The Public Officials Ethics Committee must disclose the reported changes within one month after the reporting period ends.

The Seoul Metropolitan Government explained, “The reasons for the increase include rises in individual land prices and housing official prices compared to last year’s report, stock price increases, salary savings, inheritance, and gifts.” It added, “The reasons for decreases include expenditures such as living expenses and tuition, occurrence of financial debts, refusal of notification by relatives, death, and marriage of direct descendants.”

The Seoul Metropolitan Government Public Officials Ethics Committee plans to complete the review of the disclosed asset changes by the end of June. If false or grossly negligent omissions or incorrect reports are found, or if confidential information obtained through official duties is used for personal gain, measures such as warnings, corrective actions, fines, dismissal, or disciplinary requests will be taken in accordance with the Public Officials Ethics Act.

Lee Hae-woo, a member of the Seoul Metropolitan Government Public Officials Ethics Committee, stated, “We will strictly operate the asset registration and review system to support sincere asset registration by public officials and prevent improper asset accumulation.” He added, “To this end, we will further strengthen the review of the process of asset formation, including the acquisition background and sources of income.”