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 agencies must go through a prior consent procedure from the National Assembly, and discounted sales compared to the appraised value are fundamentally prohibited. The Ministry of Economy and Finance announced that it has prepared institutional improvement measures to prevent indiscriminate privatization of government assets and to address issues raised by recent audits, the National Assembly, and the media regarding the undervalued sale and lack of transparency in the sale process.
The Ministry of Economy and Finance decided to completely overhaul the management system for the sale of government assets. Each ministry (agency) 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. Sales exceeding 30 billion won must go through the Cabinet meeting and be reported in advance to the relevant National Assembly committee, while sales exceeding 5 billion won must go through the report and resolution of specialized review bodies such as the National Property Policy Review Committee.
The Ministry of Economy and Finance decided to fundamentally block controversies over undervalued sales. Discounted sales compared to the appraised value are fundamentally prohibited, and even if a discounted sale is unavoidable, strict procedures such as prior resolution by the National Property Policy Review Committee must be followed. Additionally, to enhance the reliability of appraisals of government assets, the issuance of a review certificate by the Korea Association of Property Appraisers is mandatory for high-value appraisals exceeding 1 billion won, and the conditions for private sales stipulated in the National Property Act will also be rationally revised.
The Ministry of Economy and Finance also decided that 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 agencies, a prior consent procedure from the relevant National Assembly committee will be established to allow the National Assembly to review privatization in advance. Additionally, information disclosure related to sales will be significantly expanded, with bid information immediately disclosed on the website upon deciding to sell government assets, and the location, price, and reason for the sale of sold assets will be transparently disclosed after the sale to ensure the public’s right to know and strengthen external control.