Public Officials Ethics Committee Discloses Asset Changes
Asset Fluctuations Among Senior Officials in Charge of Housing Policy
The assets of Park Sang-woo, Minister of Land, Infrastructure and Transport, have decreased by more than 400 million KRW compared to a year ago. This is due to the blind trust of stocks held before and after his inauguration, as well as the exclusion of his parents' assets, reducing his total assets to less than half.
According to the changes in public officials' assets disclosed by the Government Ethics Committee in the official gazette on the 27th, Minister Park's total assets were recorded at 452.84 million KRW. When previously disclosed a year ago, the amount was 937.58 million KRW, showing a decrease of 484.75 million KRW.
The stocks he previously held were worth about 185.4 million KRW, but this time they decreased to about 3.5 million KRW. Most of the stocks in Shinhan Alpha REITs (listed), a real estate investment company, and P&T Global (unlisted), known for consulting services, were placed in a blind trust. He also disposed of all shares in the New Southern Economic Research Association, where he served as CEO after leaving public office.
The current value of the apartment in Sanbon, Gunpo, Gyeonggi Province, registered under his name, is 432 million KRW, which is 24 million KRW less than a year ago due to a drop in the official land price. It is reported that Minister Park purchased his current residence near his former workplace (then the Government Gwacheon Complex) during his time as a Ministry of Land official and has lived there since.
The apartment owned by Minister Park was included in one of the redevelopment pilot districts last year. Nevertheless, there has been little change in its price. There have been almost no recent transactions of the same type, but according to KB market prices, it is valued at about 765 million KRW. Compared to the end of last year, it is appraised about 15 million KRW lower.
Along with the real estate owned by Minister Park, about 350 million KRW of assets registered under his parents' names last year were excluded, reducing the amount declared by Minister Park. He inherited an apartment in Busan that was previously under his parents' names, but his share is estimated to be low. Among the 19 Cabinet members, including the Prime Minister, Minister Park had the smallest amount of assets.
Among the senior officials of grade 1 or higher working at the Ministry of Land headquarters, the person with the largest assets is Kim Kyu-chul, Director of the Housing and Land Office. He declared 5.21574 billion KRW, an increase of 29.56 million KRW compared to a year ago. He owns an apartment in Yeoksam-dong, Gangnam-gu, Seoul, together with his wife, although the official land price has fallen. Eom Jeong-hee, Director of the Transportation and Logistics Office, reported an increase of about 300 million KRW to 3.22274 billion KRW, and Kim Soo-sang, Standing Member of the Metropolitan Area Wide-area Transportation Committee, followed with an increase of about 260 million KRW to 2.72188 billion KRW. Jin Hyun-hwan, First Vice Minister, declared 124.62 million KRW, and Baek Won-guk, Second Vice Minister, declared 2.51223 billion KRW.
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