[2023 Asset Disclosure] Gyeonggi-do City and County Council Members and Public Institution Heads 1.19069 Billion KRW

Gyeonggi Provincial Government Gwanggyo New Office Building

The average assets of Gyeonggi Province city and county council members and heads of public institutions under the province were 1,190.69 million KRW, showing a decrease of 10.56 million KRW compared to the previous year.

The Gyeonggi Province Public Officials Ethics Committee disclosed on the 30th the regular asset change reports of 466 individuals subject to asset disclosure jurisdiction, in accordance with Article 10 (Disclosure of Registered Assets) of the Public Officials Ethics Act, through the Gyeonggi Province Gazette and the Public Officials Ethics System (www.peti.go.kr).

The reported details are based on the assets of the public officials themselves, their spouses, parents, and direct descendants as of December 31, 2022.

The average declared assets of this year's disclosure subjects were 1,190.69 million KRW, slightly down from the previous year's average of 1,201.25 million KRW during the 7th local government term.

Reviewing the reports, 271 individuals (58%) who reported an increase in assets saw an average rise of 82.18 million KRW. Meanwhile, 195 individuals (42%) who reported a decrease experienced an average reduction of 257.74 million KRW.

By household asset size, 182 individuals (39%) had assets of 500 million KRW or less, 116 individuals (25%) between 500 million and 1 billion KRW, 98 individuals (21%) between 1 billion and 2 billion KRW, and 70 individuals (15%) had assets exceeding 2 billion KRW. Overall, 298 individuals (64%) of the total disclosure subjects had assets under 1 billion KRW.

The main reasons for asset increases included real estate purchases including inheritance, increases in publicly announced property prices compared to the previous year, and increases in salary, insurance, and savings deposits. Conversely, decreases were due to sales of buildings and land, increased debt from household loans, and refusal to disclose reported assets.

The Provincial Public Officials Ethics Committee plans to complete the review of the asset changes of these disclosed individuals by the end of June (with a possible extension of three months if necessary).

During the review, if registered assets are found to be falsely reported, significantly omitted or incorrectly recorded due to gross negligence, or if confidential information obtained through official duties is used to gain financial benefits, warnings, corrective actions, and fines will be imposed according to Article 8-2 of the Public Officials Ethics Act.

Those obligated to register assets must report asset changes from January 1 to December 31 each year by the end of February of the following year, according to Article 6 of the Public Officials Ethics Act.

Meanwhile, the 195 individuals subject to disclosure by the Government Public Officials Ethics Committee, including the governor, first-level or higher public officials, provincial council members, and mayors and county heads, can be checked in the Government Gazette or the Public Officials Ethics System.