Politicians-turned-public company heads overspending

A civic group listed former Korea Electric Power Corp. (KEPCO) President Chang Young-Shik, Korea National Tourism Organization (KNTO) President Cho Hong-Kyu and former KNTO President Hong Doo-Pyo as those who spent the on social activities among the chiefs of government-invested agencies.

The Government Reform Committee of the Citizens Coalition for Economic Justice (CCEJ) announced the list at a news conference Thursday at its headquarters in central Seoul. The results were based on a survey it conducted on the amounts spent on entertaining by the presidents of 13 government-invested agencies from January in 1999 until last September.

According to the survey, Chang spent the most, racking up 8.58 million won a month on average, followed by Cho with 6.97 million won and Hong with 6.12 million won. Chang was found to have spent 3.74 million won more a month on average than his successor Choi Su-Byong or 2.3 times as much.

CCEJ said the 13 state-invested firms, including KEPCO, Korea Land Corporation (KOLAND) and Korea Water Resources Corporation allocated secret funds that their presidents could use at their own discretion, without presenting documentary evidence.

Besides Chang of KEPCO and Cho of KNTO, the civic group also cited Korea National Oil Corp. President Na Byong-Son, KOLAND President Kim Yong-Chae and Korea Minting & Security Printing Corp. President Yoo In-Hak as big spenders. Na spent 5.26 million won a month on average, Kim 5.01 million won and Yoo 2.64 million won. Those cited were all former politicians, the group said.