Newly elected officials report average assets of 1.35 billion won; education superintendents average 2.1 billion won

Ulsan Mayor Kim Sang-uk leads regional government heads with 5 billion won; Sejong Mayor Cho Sang-ho reports lowest at 390 million won

The Ministry of Personnel Management said Tuesday the Government Ethics Committee published asset disclosures for 1,259 public officials — including newly elected officeholders from the June 3 local elections such as heads of local governments, education superintendents and regional assembly members — in the official gazette and the Public Ethics Information System. [The Herald Business DB]
The Ministry of Personnel Management said Tuesday the Government Ethics Committee published asset disclosures for 1,259 public officials — including newly elected officeholders from the June 3 local elections such as heads of local governments, education superintendents and regional assembly members — in the official gazette and the Public Ethics Information System. [The Herald Business DB]

Choi Ki-young, head of Bonghwa-gun in North Gyeongsang Province, was the wealthiest among newly elected public officials from the June 3 local elections, reporting assets of 34.92 billion won ($25.8 million). Yoon Yu-jin, a Seoul Metropolitan Assembly member, and Kim Su-mun, a North Gyeongsang Provincial Assembly member, ranked second and third.

The Ministry of Personnel Management said Tuesday the Government Ethics Committee published asset registration details for 1,259 public officials — including newly elected officeholders from the June 3 local elections such as heads of local governments, education superintendents and regional assembly members — in the official gazette and the Public Ethics Information System.

The disclosure covers 563 newly elected officials, 586 outgoing elected officials and 110 non-elected public officials. Officials who retained their posts through reelection were excluded, and the assets of basic-level council members are disclosed separately by the ethics committees of their respective metropolitan or provincial governments.

The 563 newly elected officials reported average assets of 1.35 billion won. By position, the nine education superintendents reported the highest average at 2.1 billion won. The 13 regional government heads averaged 1.99 billion won, the 98 heads of basic local governments averaged 1.7 billion won, and the 443 regional assembly members averaged 1.24 billion won.

Choi, who topped the newly elected list, reported assets of 34.92 billion won. The bulk of his wealth was in securities — 32.13 billion won — of which 21.42 billion won consisted of unlisted shares in companies including Lucky Farm, Crepas and Korea Credit Management held in his own name. He also holds listed shares in Daesang Holdings, Ecopro BM, Ecopro Materials, POSCO Holdings and Toptec under his own and family members' names.

Second-ranked Yoon reported 15.64 billion won, including 10.85 billion won in deposits. Third-ranked Kim reported 14.93 billion won, disclosing 18.81 billion won in real estate alongside 12.65 billion won in debt.

Among the 13 regional government heads, Ulsan Mayor Kim Sang-uk reported the most at 5.02 billion won, up 1.27 billion won from the previous disclosure, driven largely by a significant increase in deposits. Daegu Mayor Choo Kyung-ho (4.28 billion won), Gyeonggi Province Governor Choo Mi-ae (3.7 billion won), North Chungcheong Province Governor Shin Yong-han (3.27 billion won) and Incheon Mayor Park Chan-dae (2.91 billion won) followed.

Sejong Mayor Cho Sang-ho reported the least among regional government heads at 393.42 million won. Jeju Governor Wi Seong-gon (461.11 million won), South Chungcheong Province Governor Park Soo-hyun (533.09 million won), Daejeon Mayor Heo Tae-jeong (545.39 million won) and Busan Mayor Jeon Jae-soo (623.23 million won) also ranked near the bottom. Min Hyeong-bae, mayor of the South Jeolla-Gwangju Special Metropolitan City, reported 1.35 billion won.

Among education superintendents, South Gyeongsang Province Superintendent of Education Kwon Sun-gi topped the group at 10.37 billion won, up 2.99 billion won from the previous disclosure. His securities holdings grew from 2.42 billion won to 5.62 billion won, driven in part by an increase in listed shares held in his spouse's name. Gyeonggi Province Superintendent of Education Ahn Min-seok reported 1.82 billion won, and Jeju Superintendent of Education Ko Eui-suk reported 250.39 million won.

Among heads of basic local governments, Changwon Mayor Kang Ki-yoon (13.96 billion won), Yongsan-gu District Mayor Kim Kyung-dae (9.36 billion won) and Busan Buk-gu District Mayor Jeong Myeong-hee (7.21 billion won) followed Choi. Among regional assembly members, Daegu Metropolitan Council member Kwon O-seop (11.15 billion won) and South Gyeongsang Provincial Assembly member Lee Jong-ho (11.06 billion won) joined Yoon and Kim in exceeding 10 billion won.

On the other end of the spectrum, Ulsan Nam-gu District Mayor Lim Hyeon-cheol reported negative 17.05 billion won, the lowest net assets among newly elected officials. His total debt stands at 20.01 billion won, including 17.63 billion won owed to KR&C and 1.71 billion won owed to Solomon Savings Bank.

Among outgoing officials, former Seoul Gangnam-gu District Mayor Jo Seong-myeong topped all 1,259 individuals in this disclosure with 45.54 billion won. His real estate holdings alone totaled 31.2 billion won, including officetels, neighborhood commercial facilities and medical facilities in the Daehwa-dong area of Ilsan Seo-gu, Goyang, Gyeonggi Province. Former Gyeonggi Provincial Assembly member Kim Seong-su (33.58 billion won) and former North Gyeongsang Provincial Assembly member Park Gyu-tak (21.18 billion won) followed.

Among outgoing regional government heads, former Busan Mayor Park Heong-joon reported the most at 5.47 billion won, followed by former Gangwon Province Governor Kim Jin-tae (5.07 billion won) and former Gyeonggi Province Governor Kim Dong-yeon (4.33 billion won). Former North Chungcheong Province Governor Kim Yeong-hwan reported negative 587.46 million won.

Among non-elected public officials still in office, Lee Ho-jung, a standing member of the Truth and Reconciliation Commission, topped the group at 10.52 billion won. From the Presidential Secretariat, Park Ji-young, secretary for judicial affairs, reported 9.22 billion won; Seong Gi-hong, chief of public communications, reported 8.66 billion won; and Han Chan-sik, chief of civil affairs, reported 5.86 billion won. Among retired non-elected officials, former National Health Insurance Service Chairman Jeong Gi-seok reported the most at 10.09 billion won.

The committee plans to review whether all disclosed individuals filed their assets faithfully within three months of the disclosure — by the end of December, with a possible three-month extension if needed. Officials who falsely report assets, omit them through gross negligence, or use confidential information for personal financial gain will face measures including warnings, corrective orders and fines.

Cheon Ji-yun, director general of the ethics and service bureau at the Ministry of Personnel Management, said asset registration and disclosure under the Public Officials Ethics Act is "a core institution of public service ethics," adding that the ministry would "rigorously review registered assets to help elected officials build a public service culture trusted by their communities."


rimsclub@heraldcorp.com