Minister Of Personnel Management Reviewing Stronger Real Estate Reporting For Public Officials

"Pushing measures to require explanations of transaction details during the asset review process as well"
Real estate blind trust system "Likely difficult to implement in practice"
"Public officials sued as a result of proactive administration will be protected to the end"

Choi Dongseok, Minister of Personnel Management, is reviewing measures to strengthen reporting requirements for real estate transactions by public officials subject to public disclosure of assets. The government is pushing to require officials to file reports when changes occur in their real estate holdings during the regular asset change reporting process, and to explain the details of their transactions during the asset review process.

Yonhap News Agency

On February 11, Minister Choi shared this plan during a meeting with reporters at a restaurant near the Government Complex Seoul. The Ministry of Personnel Management already requires public officials to explain their housing status when they first become subject to asset disclosure. In addition to this, it is reportedly pushing a plan to require them, during regular reporting, to submit transaction details such as jeonse or monthly rent contracts, as well as changes in real estate ownership and jeonse rights.

Regarding the previously promoted real estate blind trust system, he said that upon careful consideration, there were practical difficulties. He explained, "At first, I agreed with the intent and thought we should push it forward, but after reviewing it, it seemed there would be practical difficulties," adding, "There are cases where the acquisition process is diverse, such as clan-owned land or houses registered under multiple names, or where the property cannot be freely sold."

He also stated that if a public official is sued as a result of proactive administration, the government will provide protection to the end. Minister Choi said, "During a work briefing, Prime Minister Kim Minseok instructed us to review ways to protect public officials to the end if there is no intent or gross negligence on their part. As a result of the review, we decided to provide protection without any time limit or cap," adding, "We will exempt them not only by providing litigation support but also from Board of Audit and Inspection audits or internal audits."

He continued, "Senior public officials must demonstrate leadership that respects the values of the Constitution," and added, "The Ministry of Personnel Management aims to build a national civil service system that enables the republican order and democratic order of the country to function properly."