In the future, any sale of government assets worth more than 30 billion won must be reported in advance to the relevant National Assembly committee. Additionally, the sale of shares in public institutions held by the government or public institutions must go through a prior consent procedure by the National Assembly, and discounted sales compared to the appraised value are fundamentally prohibited. Furthermore, each government department must establish a specialized review body for the sale of government assets, centered on external experts.
The Ministry of Economy and Finance announced on the 15th that it has prepared institutional improvement measures to prevent the indiscriminate privatization of government assets and to address the issues of undervalued sales and lack of transparency in the sales process raised by recent audits, the National Assembly, and the media. The ministry decided to completely overhaul the management system for the sale of government assets. Each department (institution) will establish a specialized review body centered on external experts to strengthen the review of the selection of sale targets and the appropriateness of prices.
The ministry decided to fundamentally block controversies over undervalued sales. Discounted sales compared to the appraised value are fundamentally prohibited, and even if discounted sales are unavoidable, they must go through strict procedures such as prior approval by the National Property Policy Review Committee. Additionally, the privatization of public institutions will be pursued only after sufficient discussion in the National Assembly. When selling shares in public institutions held by the government or public institutions, a prior consent procedure by the relevant committee will be established to allow the National Assembly to review the privatization in advance.
The ministry also decided to significantly expand the disclosure of information related to sales. When a decision is made to sell government assets, bidding information will be immediately disclosed on the website (Onbid), and after the sale, the location, price, and reason for the sale of the sold assets will be transparently disclosed to ensure the public’s right to know and strengthen external control after the fact. Additionally, the ministry plans to create active value beyond the simple management of government assets, such as supporting strategic new industries, social economy organizations, and public housing supply.