[Public Officials' Asset Disclosure] Deputy Prime Minister Hong Nam-ki's Assets Total 1.51 Billion KRW... Senior Officials Live in Jeonse Even If They Own Homes

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] Hong Namgi, Deputy Prime Minister and Minister of Economy and Finance, reported assets worth 1.5 billion KRW this year. This is an increase of 45 million KRW compared to the previous year.

According to the 2022 regular asset change report of high-ranking public officials published in the government gazette by the Government Ethics Committee on the 31st, Deputy Prime Minister Hong reported assets worth 1.517 billion KRW, an increase of 45 million KRW compared to the end of last year.

Deputy Prime Minister Hong owned land worth 63 million KRW, buildings worth 1.268 billion KRW, and deposits worth 193 million KRW, with debts amounting to 20 million KRW. He reported a mixed-use residential and commercial building in Naseong-dong, Sejong City, jointly owned with his spouse, valued at 403 million KRW, and a jeonse (long-term lease) right on an apartment in Singongdeok-dong, Mapo-gu, Seoul, valued at 850 million KRW. It is also notable that his spouse sold land in Buyeo-gun, Chungnam Province for 50 million KRW.

Lee Eokwon, First Vice Minister, reported assets worth 1.817 billion KRW, an increase of 45 million KRW from the previous year. Vice Minister Lee owned an apartment in Gaepo-dong, Gangnam-gu, Seoul, valued at 1.792 billion KRW, and a jeonse right on an apartment in Seongbok-dong, Suji-gu, Yongin-si, Gyeonggi Province, worth approximately 650 million KRW. His debts amounted to 690 million KRW.

Ahn Dogeol, Second Vice Minister, reported assets worth 2.724 billion KRW. Thanks to the rise in official land prices, his assets increased by 151 million KRW compared to the previous year. Vice Minister Ahn reported owning an apartment in Gaepo-dong, Gangnam-gu, Seoul, jointly with his spouse, valued at approximately 1.01 billion KRW, and a jeonse right on an apartment in nearby Bangbae-dong, Seocho-gu, worth 1.05 billion KRW. He also owned land in Yuchon-dong, Seo-gu, Gwangju, valued at 914 million KRW.

It is also notable that all three vice ministers of the Ministry of Economy and Finance are living in jeonse (long-term lease) arrangements despite owning houses. Deputy Prime Minister Hong owns a house in Sejong but appears to have also rented an apartment in Seoul due to frequent travel to Seoul for various meetings. Vice Minister Lee owns a house in Gangnam, Seoul, but lives in a jeonse in Yongin. Vice Minister Ahn is living in a jeonse in Bangbae-dong, Seocho-gu, after his apartment in Gaepo-dong, Gangnam, entered reconstruction. Since 2019, the Blue House has recommended high-ranking public officials to dispose of any houses other than one for actual residence purposes.