ID :
52628
Sat, 03/28/2009 - 08:51
Auther :
Shortlink :
https://www.oananews.org//node/52628
The shortlink copeid
40 pct of ranking gov't officials report decline in personal wealth
SEOUL, March 27 (Yonhap) -- Nearly half of the nation's top-ranking public officials suffered losses in personal assets last year due largely to a steep decline in the stock and fund markets, the government said Friday.
The Public Service Ethics Committee issued an annual report on the financial
statements of 1,782 highest-ranking officials as of the end of last year,
including all officials of Grade 1 or above at ministries, heads of regional
governments and superintendents of schools.
Among them, 721, or 40.5 percent, reported that their assets had declined in
value, almost double the 21 percent from the previous year's report.
The reported losses were mainly attributed to the steep downturn in stock and
fund markets, resulting from the global financial crisis. Last year alone, the
benchmark KOSPI index plunged 40 percent from a year earlier and continued its
fall to shed 5 percent in the first two months of this year.
The average wealth of the surveyed officials inched up 2.2 percent to 1.3 billion
won (about US$1 million). But the average increase was just 28 million won, about
one-sixth of the average 160-million won increase reported the previous year.
Lieu Chul-ho, head of the state-run Korea Expressway Corp., suffered the heaviest
loss of 5.57 billion won due to stock investment losses. Culture Minister Yu
In-chon's wealth fell 2.43 billion won and Knowledge Economy Minister Lee Youn-ho
also recorded a 1.5 billion won loss for similar reasons.
President Lee Myung-bak was the wealthiest public official with 35.7 billion won
to his name, followed by Jin Tae-ku, head of Taean County in South Chungcheong
Province, and Seoul City Councilor Lee Jong-hak, who reported wealth of 25.5
billion won and 18.5 billion won, respectively.
Prime Minister Han Seung-soo reported that his wealth increased 75.8 million won
to 2.32 billion won.
The report also showed that 36 percent, or 105 of 294 lawmakers filed decreased
personal wealth. The five legislators who lost their seats after being convicted
last year did not report their financial statements.
Private wealth of lawmakers depreciated by 99.5 million won on average due also
to the fall in the stock market. The assets of exceptionally wealthy legislator,
Rep. Chung Mong-joon of the ruling Grand National Party (GNP), were not reflected
in the average.
Chung's assets fell by 1.96 trillion won as he suffered massive losses from his
stake in Hyundai Heavy Industries Co. last year.
Chung is a son of the late Hyundai Group founder Chung Ju-yung and the largest
shareholder in Hyundai Heavy Industries.
Despite the heavy losses, Chung was still the wealthiest lawmaker, with assets
worth some 1.64 trillion won, followed by the GNP's Rep. Cho Jin-hyeong, with
83.4 billion won as of end of 2008.
odissy@yna.co.kr
(END)
The Public Service Ethics Committee issued an annual report on the financial
statements of 1,782 highest-ranking officials as of the end of last year,
including all officials of Grade 1 or above at ministries, heads of regional
governments and superintendents of schools.
Among them, 721, or 40.5 percent, reported that their assets had declined in
value, almost double the 21 percent from the previous year's report.
The reported losses were mainly attributed to the steep downturn in stock and
fund markets, resulting from the global financial crisis. Last year alone, the
benchmark KOSPI index plunged 40 percent from a year earlier and continued its
fall to shed 5 percent in the first two months of this year.
The average wealth of the surveyed officials inched up 2.2 percent to 1.3 billion
won (about US$1 million). But the average increase was just 28 million won, about
one-sixth of the average 160-million won increase reported the previous year.
Lieu Chul-ho, head of the state-run Korea Expressway Corp., suffered the heaviest
loss of 5.57 billion won due to stock investment losses. Culture Minister Yu
In-chon's wealth fell 2.43 billion won and Knowledge Economy Minister Lee Youn-ho
also recorded a 1.5 billion won loss for similar reasons.
President Lee Myung-bak was the wealthiest public official with 35.7 billion won
to his name, followed by Jin Tae-ku, head of Taean County in South Chungcheong
Province, and Seoul City Councilor Lee Jong-hak, who reported wealth of 25.5
billion won and 18.5 billion won, respectively.
Prime Minister Han Seung-soo reported that his wealth increased 75.8 million won
to 2.32 billion won.
The report also showed that 36 percent, or 105 of 294 lawmakers filed decreased
personal wealth. The five legislators who lost their seats after being convicted
last year did not report their financial statements.
Private wealth of lawmakers depreciated by 99.5 million won on average due also
to the fall in the stock market. The assets of exceptionally wealthy legislator,
Rep. Chung Mong-joon of the ruling Grand National Party (GNP), were not reflected
in the average.
Chung's assets fell by 1.96 trillion won as he suffered massive losses from his
stake in Hyundai Heavy Industries Co. last year.
Chung is a son of the late Hyundai Group founder Chung Ju-yung and the largest
shareholder in Hyundai Heavy Industries.
Despite the heavy losses, Chung was still the wealthiest lawmaker, with assets
worth some 1.64 trillion won, followed by the GNP's Rep. Cho Jin-hyeong, with
83.4 billion won as of end of 2008.
odissy@yna.co.kr
(END)
