What’s New in the Latest Disclosure of Senior Officials’ Assets?

Justice Minister Kang Geum-sil’s net assets are still negative despite a 200 million won increase, according to the latest data of senior government officials’ private properties.

Information and Communications Minister Chin Dae-je’s assets rose by three billion won to more than 10 billion won--the sole cabinet member who has surpassed the 10 billion won-level.

Park Sang-gil, planning director of the Justice Department, stole the attention with the largest increase, 3.6 billion won. He said he inherited 4.3 billion from his father-in-law.

According to his filings, Park’s in-laws gave 1.29 billion won to his wife and 80 billion won respectively to his eldest son and daughter.

Justice Minister Kang, last year’s lowest ranked financially among cabinet members with 900.3 million won in net debt, posted the second largest increase of 200.5 million won with a reduction in debt and a rise in savings. However, with still 600 million won in debt, she is the poorest.

Prosecutor General Song Kwang-soo increased his assets by 66.6 million won with an increase in savings and interest income. Health and Welfare Minister Kim Hwa-joong was the sole cabinet member who posted a decrease in assets with an 8.83 million won reduction. She cited a reduction in savings and an increase in her husband’s loans.

She increased her savings in Farming Cooperative by 930,000 won, while her savings in CHB and Kookmin Bank fell 3.92 million won to 2.99 million won. Koh Hyun-seok, her husband and the mayor of Gokseong county in South Jeolla province, increased his loans with the farming cooperative by 5.83 million won.

Geum Ki-chang, the director of Korea Resources Corporation, lost the largest amount of assets among those surveyed this year. He transferred parts of the balance in an account he managed under his name for his college alumni association to a scholarship fund. He reported a reduction of 792 million won.

Geum also cited 22 million won and two million won that his wife and eldest daughter respectively spent to cover living expenses as a reason for the reduction.

Korea Fair Trade Commission Director Ahn Hee-won’s reporting of the purchase of a 120 million-won violin stole the stage. The instrument, which his wife bought for her daughter, was classified as an antique.

Information and Communications Minister Chin Dae-je, last year’s richest, posted a 3.01 billion won increase. His assets rose to 12.9 billion won this year from 9.95 billion won last year. The increase is due to the sale of stock shares and a building as well as retirement fund savings. He is the only member of the cabinet who has more than 10 billion won in assets.

Seoul Mayor Lee Myung-bak had 18.87 billion won in total assets, an increase of 216.5 million won, led by security deposits and rents from three buildings he owns. Lee has two office buildings and one commercial building. Since he became mayor of Seoul in July 2002, he has been donating his salary to the Beautiful Fund, a charity organization.

ruchi@donga.com