Seoul: President Lee Jae Myung issued emergency instructions on Monday to immediately cease the disposal of government assets, citing concerns that they are being sold at a loss, officials reported. Culture Minister Chae Hwi-young, speaking as the government spokesperson, announced the president’s directive but did not specify which assets were under consideration.
According to Yonhap News Agency, the directive from President Lee is a response to issues raised during recent parliamentary audits, which highlighted that state assets were being disposed of for significantly less than their market value. During an audit of the Korea Asset Management Corp., responsible for managing state-owned properties, lawmakers pointed to an increasing trend of assets being sold below their fair value.
Presidential spokesperson Kim Nam-jun elaborated that the order was prompted by these audit findings. “The ministries in charge plan to swiftly determine the facts and come up with ways to improve the system,” Kim stated in a note to reporters. The president has tasked each ministry with reviewing current asset disposal processes and instructed them to halt any disposals unless they are deemed “unnecessary assets.”
Furthermore, Lee has mandated that ministries obtain prior approval from Prime Minister Kim Min-seok for any necessary disposals. The Finance Ministry is set to provide further details on the president’s emergency order in a press briefing scheduled for 10 a.m. on Tuesday.