Corrupt Officials to Forfeit Bonuses

In the future, if public corporation or government agency officials are involved in job-related corruption, they will have their bonuses seized, according to a Ministry of Planning and Budget (MPB) announcement yesterday.

The ministry said that it notified 224 public corporations and government agencies that its “Guidance for Management Innovation of Public Agencies in 2006” plan would soon be implemented.

According to the plan, high-ranking officials from public agencies have to agree to an incorruptible contract starting this year. There will be penalties, such as seizing bonuses from an official if he or she is convicted of prison time or fines for corruption in office.

Currently, the maximum amount of annual bonus that public agency senior officials receive is about 160 million won. If such officials are caught and convicted of corruption in 2009, they will have to pay the approximately 480 million won that was paid out to them over three years.

MPB Director of Non-Departmental Public Entities` Innovation Policy Kim Yong-jin said, “Even now, officials of public agencies are penalized in terms of personnel issues, but in the future, they will also be penalized financially.”

The MPB has also made public agencies post specific project details on how the costs for a project are estimated, methods to raise funds on their websites and public agency management information systems, and on decisions that result in future financial burdens, such as surety obligation or loss guarantee agreements or arrangements.

Hyun-Jin Park witness@donga.com