The Ministry of Economy and Finance (Yonhap)
SEOUL, Dec. 15 (Korea Bizwire) — The government said Monday that sales of state-owned assets worth 30 billion won (US$20.3 million) will require mandatory prior reporting to the relevant standing committee of the National Assembly, amid concerns that public assets are being sold at undervalued prices.
Under the measures announced by the Ministry of Economy and Finance, asset sales worth 30 billion won or more must be reviewed by the Cabinet and reported in advance to the parliamentary standing committee with oversight jurisdiction.
Sales of assets valued at 5 billion won or more will require reporting to and approval from review bodies.
The measures are follow-up steps after President Lee Jae Myung ordered a halt to government asset disposals last month, citing concerns that assets were being sold at a loss.
“Government assets are not merely a means of generating fiscal revenue,” the ministry said in a press release, noting that the latest measures will redefine the role of government assets as public goods that maximize benefits for the public.
The ministry said sales at discounted prices below appraised value will, in principle, be prohibited.
Even when discount sales are deemed unavoidable, they must receive prior approval from the review committee and for high-value appraisals exceeding 1 billion won, appraisal review certification will be mandatory.
(Yonhap)
