In the future, any sale of government assets exceeding 30 billion won must be reported in advance to the relevant parliamentary committee. Additionally, the sale of shares in public institutions held by the government or public agencies will require prior parliamentary approval, and sales at a discount to the appraised value will be fundamentally prohibited. The Ministry of Economy and Finance announced that it has prepared a system improvement plan to prevent indiscriminate privatization of government assets and to address issues raised in recent audits, parliamentary sessions, and media reports regarding the undervalued sale and lack of transparency in the sale process.
The Ministry of Economy and Finance plans to overhaul the management system for the sale of government assets. Each ministry (agency) will establish a specialized review body composed of external experts to strengthen the review of the selection of sale targets and the appropriateness of prices. Sales exceeding 30 billion won will be required to be reported in advance to the relevant parliamentary committee after a Cabinet meeting, and sales exceeding 5 billion won will be subject to the review and resolution of specialized review bodies such as the National Property Policy Review Committee.
The Ministry aims to fundamentally block controversies over undervalued sales. Sales at a discount to the appraised value will be fundamentally prohibited, and if a discounted sale is unavoidable, it will require strict procedures such as prior approval from the National Property Policy Review Committee. Additionally, to enhance the reliability of appraisals for government assets, the issuance of a review certificate from the Korea Association of Property Appraisers will be mandatory for high-value appraisals exceeding 1 billion won, and the conditions for private sales stipulated in the National Property Act will be reasonably revised.
The Ministry also plans to ensure that the privatization of public institutions is pursued only after sufficient parliamentary discussion. When selling shares in public institutions held by the government or public agencies, a prior approval procedure from the relevant parliamentary committee will be established to allow parliamentary review of privatization in advance. Furthermore, the Ministry will significantly expand the disclosure of information related to sales, immediately publishing bid information on the website and transparently disclosing the location, price, and reason for the sale of assets after the sale to guarantee the public’s right to know and strengthen external oversight.