Public Fund 70 Billion Could Be Embezzled

Park Seung, the chairman of the Public Fund Management Committee which is in charge of creating public funds, its operation and management, made a stir on the 6th when he announced, ``It is likely that about half of the public fund will be lost and the next generation will have to bear the cost.``

Chairman Park held a press conference on the 6th and stated, ``Public funds are used to eliminate with one stroke the weakness that has accumulated for a long time and is inevitable if the Korean economy continues to contract.``

``Public funds is there to eradicate financial infirmity and will have to suffer some level of loss. It will be good if we can recover the money but in the case we do not, the people will have to bear the burden and so will the next generation.``

The government has invested 137 billion 5000 million won in public funds in the financial branch during the recovery between November 1997 to last June.

``In the past, the government controlled weakened businesses by excessive taxes or proliferating currency by excessive issue of bills. The loan freeze measure was carried out in the same way.`` explained Park.

``We cannot address weak businesses with past solutions. The people bore the burden in the past but they did not feel it as intensely.`` stated Park.

yhchoi65@donga.com