Seoul: The government on Tuesday unveiled its plans to strengthen the review process for high-value state-owned asset sales to ensure transactions are not conducted below market value. This move comes in response to growing concerns over the potential undervaluation and loss in the sale of state assets.
According to Yonhap News Agency, the Ministry of Economy and Finance has proposed revisions to the enforcement ordinance of the State Property Act. These revisions would require sales of assets valued at 5 billion won (approximately US$3.3 million) or more to receive approval from a committee managed by the ministry. Additionally, sales exceeding 1 billion won would need to be reviewed by the internal sales committee of each respective selling agency.
This initiative follows President Lee Jae Myung's directive last year to halt government asset disposals due to worries that these assets were being sold at a loss. The proposed revisions are slated to be implemented in the first half of this year, pending Cabinet approval, marking a significant step towards safeguarding state assets from undervaluation or improper sales.