Representative Jin Jongoh: "It is unreasonable for the eldest son to own assets worth 1.7 billion KRW"
Representative Kim Seungsoo: "Controversy over Nol Universe's monopolistic position"
Choi Hwiyoung, who has been nominated as the first Minister of Culture, Sports and Tourism under the Lee Jaemyung administration, reported total assets of 24,741,560,000 KRW, including approximately 18.8 billion KRW in assets under his own name.
According to personnel hearing documents submitted by the Ministry of Culture, Sports and Tourism to Representative Jin Jongoh of the People Power Party on the 17th, Choi reported 18,788,990,000 KRW in assets under his own name. This includes an apartment in Anyang, Gyeonggi Province held jointly with his spouse (475 million KRW), a townhouse in Pyeongchang, Gangwon Province (310 million KRW), bank deposits (1,687,070,000 KRW), and securities (14,264,510,000 KRW). He also reported assets held by his spouse (2,755,910,000 KRW), his mother (748,810,000 KRW), his eldest son (1,757,850,000 KRW), and his eldest daughter (689,980,000 KRW).
Culture, Sports and Tourism Minister nominee Choi Hwiyoung is expressing his thoughts as he arrives for his first day at the hearing preparation office set up at the National Museum of Modern and Contemporary Art in Jongno-gu, Seoul on July 14, 2025. Photo by Jo Yongjun
Among the securities held under Choi's name, he disclosed ownership of Naver shares worth 7,865,770,000 KRW, Nol Universe shares worth 6,028,680,000 KRW, Deulgukhwa Company shares worth 214,020,000 KRW, Samsung Heavy Industries shares worth 81,300,000 KRW, and PlantyU shares worth 75,000,000 KRW. Choi, who is a former journalist, previously served as CEO of NHN, the predecessor of Naver, and as co-CEO of Nol Universe. Deulgukhwa Company is a record production company that Choi established in 2012 to produce the reunion album (released in December 2013) of the rock band Deulgukhwa.
In addition, he reported 1,634,000,000 KRW in private bonds, a Dragon Valley Hotel membership at Yongpyong Resort worth 180,000,000 KRW, and an Asiana Weihai CC golf club membership worth 120,000,000 KRW. He also owns three vehicles: a 2009 BMW 528i (6,050,000 KRW), a 2019 Tesla Model S (59,820,000 KRW), and a 2020 Cayenne Coupe (52,540,000 KRW).
His spouse, in addition to the jointly owned apartment in Anyang (475 million KRW), reported 1,295,740,000 KRW in bank deposits, 935,160,000 KRW in securities including 885,500,000 KRW in Naver shares, and 50,000,000 KRW in private bonds, totaling 2,755,910,000 KRW.
Choi's eldest son, born in 1994, was found to own a house in Yongin, Gyeonggi Province (288,000,000 KRW), land (656,620,000 KRW), and bank deposits totaling 483,850,000 KRW.
Representative Jin Jongoh stated, "It is difficult for the public to accept as common sense that the eldest son, who is just starting his career, owns assets worth 1.7 billion KRW, including land and bank deposits," and added, "We will thoroughly verify whether these assets were formed through legitimate gifts or earned income."
Representative Kim Seungsoo of the People Power Party pointed out that Nol Universe, where Choi served as co-CEO, is currently under review by the Fair Trade Commission. He noted that Nol Universe is being reviewed for imposing excessive advertising and commission fees on the lodging industry, and stated that there is significant criticism and concern within the industry.
The Fair Trade Commission held a review on June 25 regarding the abuse of superior bargaining position by Nol Universe and Yanolja, and it is expected to announce the results of the review in August.
Representative Kim Seungsoo criticized, "It is unacceptable that someone who served as CEO of a company currently under Fair Trade Commission review for monopoly issues in the lodging industry has been nominated to the position of Minister of Culture, Sports and Tourism, who must oversee fairness and mutual growth in the entire tourism sector."
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