[2023 Asset Disclosure] Park Jongseung, Director of NIDS, 5.9 Billion KRW... Richest in Defense Sector

Defense Minister Lee Jong-seop's Real Estate Worth 2.4 Billion KRW Including Suwon Apartment
Property Value Decreases by About 31 Million KRW Due to Market Changes

Park Jong-seung, Director of the Agency for Defense Development, was found to have the largest assets among those subject to asset disclosure in the defense sector.

According to the 2023 regular asset change report for public officials disclosed by the Government Ethics Committee on the 30th through the official gazette, Director Park reported assets worth 5.9 billion KRW, including buildings in Gangnam-gu and an apartment in Yuseong-gu, Daejeon.

Minister of National Defense Lee Jong-seop reported a total of 2.45 billion KRW in assets, including apartments in Songpa-gu (Jamsil), Seoul, and Yeongtong, Suwon, Gyeonggi Province, held jointly with his spouse. The leasehold right worth 20 million KRW on the commercial building Hoban Verdiium in Iui-dong, Yeongtong-gu, Suwon-si, Gyeonggi Province, previously held by his spouse, was lost.

Due to changes in real estate prices and other factors, the total decreased by 31.71 million KRW compared to the previous report. He and his spouse and second daughter hold domestic and international stocks worth 154.07 million KRW, including Kakao and Tesla. His eldest daughter refused to disclose her assets, citing independent livelihood. Minister Lee’s bank deposits amount to 122.835 million KRW, down from 124.783 million KRW last year. He reported the decrease was due to living expenses.

Deputy Minister Shin Beom-cheol registered assets worth 2.52 billion KRW, including an apartment in Bangbae-dong, Seocho-gu. His spouse holds a leasehold right worth 230 million KRW in Sinbu-dong, Cheonan-si, Chungcheongnam-do.

[Image source=Yonhap News]

Deputy Minister Shin sold his Sonata vehicle and purchased an Ioniq 5 for 41.41 million KRW. He reported total bank deposits of 185.959 million KRW, with 56.03 million KRW in his name and 56.14 million KRW in his spouse’s name.

Chairman of the Joint Chiefs of Staff Kim Seung-gyeom’s assets amount to 1.345 billion KRW, including an apartment in Seodaemun-gu. Vice Chairman Park Woong, who holds the largest assets in the Ministry of National Defense and the military, reported 4.48 billion KRW, which includes his own apartment in Yongin as well as his mother’s apartment in Seocho-gu (reported value of 2.7 billion KRW).

Commissioner of the Military Manpower Administration Lee Ki-sik reported assets worth 1.427 billion KRW, including an apartment in Yongin and an officetel in Jongno-gu, while Commissioner of the Defense Acquisition Program Administration Eom Dong-hwan reported an increase of about 93 million KRW, totaling 1.755 billion KRW.

Director of the Ministry of Patriots and Veterans Affairs Park Min-sik registered assets worth 3.259 billion KRW, including two apartments in Bundang, Seongnam. The total decreased by 223.16 million KRW over one year due to a decline in the valuation of his spouse’s stocks.