2024.07.18. The Fair Economy — The Citizens' Coalition for Economic Justice (CCEJ) on the 18th announced the results of its analysis of property holdings related to real estate and stocks among members of the standing committees formed after the organization of the first half of the 22nd National Assembly. It also demanded the disclosure of transparent conflict-of-interest review details and the strengthening of conflict-of-interest prevention systems.
The CCEJ raised doubts about whether the conflict-of-interest review was properly conducted after the first half of the National Assembly's composition, which concluded with inter-party conflict over the allocation of standing committee chairs.
Following several conflict-of-interest controversies in the 21st National Assembly, the Act on the Prevention of Conflict of Interest for Public Officials was enacted and amended. The CCEJ explained that it examined whether the current National Assembly allocated standing committees after fair conflict-of-interest reviews.
Under the Conflict of Interest Prevention Act, which applies to all public officials, lawmakers must register their private interests within 30 days of election and undergo a review by the Ethics Review Advisory Committee to determine whether a conflict of interest exists.
To determine whether this law is working properly, the CCEJ investigated the real estate and stock holdings of lawmakers.
The survey targeted 129 lawmakers assigned to the Strategy and Finance Committee, the National Assembly, the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, the National Policy Committee, and the Trade, Industry, Energy, SMEs, and Startups Committee, where the potential for conflict of interest is high.
As a result, it was found that many lawmakers hold excessive real estate or stocks, indicating a high potential for conflict of interest, raising doubts about whether the conflict-of-interest reviews were conducted fairly.
The findings showed that the Planning and Finance Committee includes 10 members (38.5%) with excessive real estate holdings, 8 members (30.8%) with excessive stock holdings, and 3 members (11.5%) holding virtual assets; the National Assembly includes 18 members (60.0%) with excessive real estate holdings; the Agriculture, Forestry, Food and Ocean Affairs Committee includes 13 members (68.4%) with excessive real estate holdings; the National Policy Committee includes 6 members (25.0%) with excessive stock holdings; and the Trade, Industry, Energy, SMES, and Startups Committee includes 5 members (16.7%) with excessive stock holdings and 1 member (3.3%) holding virtual assets.
Among the real estate-related standing committees — the National Assembly, the Strategy and Finance Committee, and the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee — the lawmakers with the largest real estate holdings (based on self and spouse) were Park Duk-hyum (29.06 billion won), Kim Eun-hye (19.97 billion won), and Kim Gi-pyo (8 billion won), in that order.
Among members of stock-related standing committees—the Planning and Finance Committee, the Trade, Industry, Energy, SMES, and Startups Committee, and the National Policy Committee—Park Su-min (30.62 billion won), Ko Dong-jin (4.72 billion won), and Lee Heon-seung (1.14 billion won) had the highest stock property values based on themselves and their spouses.
The CCEJ raised questions about whether lawmakers with excessive real estate and stock holdings can properly carry out legislative activities on behalf of the people, and demanded the disclosure of conflict-of-interest review details, explanations from lawmakers with excessive real estate and stock holdings, the introduction of a real estate blind trust system and the strengthening of the stock blind trust system, and the strengthening of the lax conflict-of-interest prevention system.
In addition, the CCEJ said it is currently conducting a national audit request regarding the lax conflict-of-interest review and is recruiting signatories for the national audit request.
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