Inspection of Public Interest Damage in Bus Company Sales Including Cha Partners Asset Management

Seoul Metropolitan Council Transportation Committee to Conduct Intensive Inspection on Major Issues of Seoul Transportation Office, Urban Infrastructure Headquarters (Urban Railroad Bureau), Seoul Transportation Corporation, and Seoul Facilities Corporation

The Seoul Metropolitan Council's Transportation Committee (Chairman Lee Byung-yoon, People Power Party, Dongdaemun-gu 1) will conduct the 2024 administrative audit of its affiliated departments, including the Transportation Office, the Urban Infrastructure Headquarters (Urban Railroad Bureau), Seoul Transportation Corporation, and Seoul Facilities Corporation, over a two-week period from November 4 to 15 during the 327th regular session.

During the 2024 administrative audit, key issues related to private placement funds for city buses, personal mobility devices (PM, Personal Mobility), and subway operations, which were previously raised and witnesses requested during the 2023 Transportation Committee administrative audit, will be addressed. Witnesses such as Cha Partners Asset Management, PUMP, and Hyundai Rotem have been summoned to facilitate in-depth questioning and answers.

Chairman Lee Byung-yoon of the Transportation Committee pointed out, "Through this administrative audit, it has become clear that serious problems regarding the public interest are arising due to the sale of bus companies by certain private fund operators, necessitating a re-examination. Additionally, a preliminary review is needed for a major structural overhaul of Seoul’s semi-public bus system, which is celebrating its 20th anniversary."

He also stated, "Not only buses but also subway operations, taxi business structures, and parking issues related to personal mobility devices (PM, Personal Mobility) require each institution to fulfill their roles diligently. We will thoroughly identify problems in each sector and prepare improvement plans to ensure sustainable and safe transportation in Seoul."

If a witness who has received a summons to attend the administrative audit fails to appear without justifiable reason or refuses to testify, a fine of up to 5 million KRW may be imposed. (Article 49, Paragraph 5 of the Local Autonomy Act)