Special Inspection on Corruption of Venture Industries

The government takes strong measures to eliminate corruption of government officials. The government decided to carry out a special inspection on venture businesses and to monitor stock transactions of high ranking officials and will request for the Prosecution`s investigation of government officials who utilize the information that is related to his or her job to accumulate wealth.

The government decided on such measures at the Anti-corruption Ministerial meeting with the President yesterday and it will submit a revised bill of the Public Prosecution`s Law in January to establish the Special Investigation Prosecution as soon as possible.

President Kim stated at the meeting, "Anti-corruption should not be mere rhetoric. I will continue to stay away from the Prosecutor`s investigation without intervening. Hence, the Prosecution must carry out its job only by law and principle."

President Kim also indicated that the Prosecution`s investigation of the Lee Yong-Ho Gate was reversed by the investigation of the Special Prosecution and criticized that the Prosecution`s poor work damaged the government.

President Kim ordered that "One year from now is a crucial period. The government must prepare to deal with any behavior that is potentially hazardous to the security of the national administration such as leak of secret information and the government officials` lining up to secure political influence."

The Ministry of Justice submitted a request for a massive personnel rearrangement to clear the atmosphere on the basis of capability, reformative will, and integrity, eliminating all regionalist loyalties or school alumni cronyism immediately after the new Prosecutor General takes office.

The Board of Audit and Inspection also accepted the task of continuing inspections of the departments and government officials that often bring about civil complaints or are blamed for exercising influences for the business interests.

The Financial Supervisory Commission reported to make an ethical code and establish criteria for inside control to limit the investment by employees and executives of the financial industry in the venture business and to strictly screen the Kosdaq registration.

The government will hold an Anti-Corruption Ministerial Meeting, which will be presided by the Prime Minister and the Chairperson of BAI. The Minister of Justice and Minister of Government Administration and Home Affairs, Commissioner of FSC, Prosecutor General, and the Commissioner General of the National Police Agency will attend the monthly meeting on the 1st and the government will also operate a joint government monitoring team through the office of the Prime Minister.

ysmo@donga.com