New June 3 Local Election Winners Report Average Assets of 1.35 Billion Won... Choi Ki-young, Head of Bonghwa County, Tops List at 34.9 Billion Won

[Financial News] Choi Ki-young, head of Bonghwa County in North Gyeongsang Province, reported assets of 34.92176 billion won, the highest among heads of basic local governments who became subject to public asset disclosures after being newly elected in the June 3 local elections. Among metropolitan and provincial heads, Kim Sang-wook, mayor of Ulsan, reported the highest amount at 5.02459 billion won. The 563 local government heads, superintendents of education and metropolitan and provincial council members who became subject to public asset disclosures after the local elections reported average assets of 1.35420 billion won.
The Government Public Service Ethics Committee disclosed the asset declarations of 1,259 people, including 563 newly elected officials from the June 3 local elections, on the 29th. The newly elected officials subject to disclosure included 13 metropolitan and provincial heads, 98 heads of basic local governments, nine superintendents of education and 443 metropolitan and provincial council members. Basic local council members are disclosed separately by the public service ethics committees of each metropolitan city, province and other local government.
By position, superintendents of education reported the highest average assets at 2.10152 billion won. They were followed by metropolitan and provincial heads at 1.99339 billion won, heads of basic local governments at 1.69738 billion won and metropolitan and provincial council members at 1.24434 billion won.

Among heads of basic local governments, Choi Ki-young, head of Bonghwa County, ranked first in declared assets. Of his reported 34.92176 billion won, securities accounted for 32.12809 billion won, or more than 90%. His listed shares included 500 shares of LG Chem, 1,800 shares of POSCO Holdings, 41,843 shares of DAESANG HOLDINGS, 16,490 shares of Ecopro Meor-ti, 4,765 shares of ECOPRO BM and 114,929 shares of TOPTEC, with a total value of 3.62837 billion won. His unlisted shares included 60,000 shares of Lucky Farm, 1,500 shares of Crepass and 8,000 shares of Korea Credit Management, valued at 21.42030 billion won. Including securities held by his spouse and children, his total securities assets exceeded 32.1 billion won.
His real estate, including land and buildings, was worth approximately 3.54491 billion won. Choi reported an apartment at Myeongga Apartments in Naeseong-ri, Bonghwa County, North Gyeongsang Province, at 330 million won. His spouse reported holding a presale right in Gwacheon Prestige Xi in Gwacheon, Gyeonggi Province, valued at 1.18491 billion won, and a jeonse leasehold right in Tower Palace in Dogok-dong, Gangnam-gu, Seoul, worth 2 billion won.
Other leading figures among heads of basic local governments included Kang Gi-yun, mayor of Changwon, with 13.96194 billion won; Kim Kyung-dae, head of Yongsan-gu, Seoul, with 9.35830 billion won; Jung Myung-hee, head of Buk-gu, Busan, with 7.20787 billion won; and Myungsik Kim, head of Jincheon County, with 5.72334 billion won.

Among the 13 metropolitan and provincial heads, Kim Sang-wook, mayor of Ulsan, reported the most assets at 5.02459 billion won. Kim reported a plot of land in Ganggu-myeon, Yeongdeok County, North Gyeongsang Province, valued at 103.8 million won. A jeonse leasehold right on an officetel in Yeongdeungpo-gu, Seoul, previously included in his declaration at 10 million won, was extinguished. Four official vehicles transferred into his name after he became ex officio chair of the Ulsan Metropolitan City Sports Association for the Disabled were also included in his asset list.
They were followed by Daegu Mayor Choo Kyung-ho with 4.28118 billion won, Gyeonggi Province Governor Choo Mi-ae with 3.69760 billion won, Chungcheongbuk-do Governor Shin Yong-han with 3.26949 billion won and Incheon Mayor Park Chan-dae with 2.90542 billion won.
Among superintendents of education, Kwon Soon-ki, superintendent of education in Gyeongsangnam-do, reported the most at 10.36806 billion won. Ahn Min-seok, superintendent of education in Gyeonggi Province, reported 1.81559 billion won, followed by Cheon Ho-sung, superintendent of education in Jeonbuk, with 1.37728 billion won and Lee Byung-do, superintendent of education in Chungcheongnam-do, with 1.33488 billion won.
Among metropolitan and provincial council members, Seoul council member Yoon Yoo-jin reported the most at 15.64261 billion won. Yoon reported the Olympic Village Apartments in Songpa-gu, Seoul, jointly owned equally by Yoon and the spouse, at a total value of 2.123 billion won. The asset list also included a 1.9 billion-won jeonse leasehold right in Jamsil Le El held in the spouse's name and a commercial property in Seongnam, Gyeonggi Province, valued at 250 million won. The total declared value of the buildings was 5.167 billion won. They were followed by Gyeongsangbuk-do council member Kim Soo-moon with 14.93429 billion won, Daegu council member Kwon Oh-sub with 11.14796 billion won and Gyeongsangnam-do council member Lee Jong-ho with 11.06465 billion won.

By contrast, 12 elected officials—three heads of local governments and nine metropolitan and provincial council members—reported negative total assets.
Im Hyun-chul, head of Nam-gu, Ulsan, reported the largest negative amount, with a net worth of minus 17.050515 billion won. He held land worth 1.49568 billion won, buildings worth 1.04496 billion won and deposits worth 299.02 million won, but reported total debts of 20.01446 billion won. His debts included 17.62603 billion won owed in connection with K R & C and 170.691 million won owed to Solomon Savings Bank. Negative net worth means that reported debts exceed reported assets. In addition to loans from financial institutions, debts registered as assets-related liabilities include obligations to return rental deposits and personal debts between individuals.
The Government Public Service Ethics Committee will review the asset declarations disclosed this time to determine whether they were filed accurately and in good faith by the end of December. The review period may be extended by three months if necessary. If false entries or omissions caused by gross negligence are identified, measures such as warnings, corrective action or fines may be imposed under the Public Service Ethics Act.
[email protected] Lee Bo-mi Reporter