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Prime minister orders audit of gov't asset sales under current, previous administrations

Published: 05 Nov. 2025, 16:11 Updated: 05 Nov. 2025, 16:56

President Lee Jae Myung, right, speaks with Prime Minister Kim Min-seok during the 48th Cabinet meeting at the presidential office in Yongsan District, central Seoul, on Nov. 4. [JOINT PRESS CORPS]

Prime Minister Kim Min-seok on Wednesday ordered an immediate investigation and audit of all sales of government assets pursued by both the current and previous administrations, including the controversial sale of local news channel YTN’s shares.

According to the Office for Government Policy Coordination, the directive came shortly after Kim was briefed on follow-up measures related to President Lee Jae Myung’s order earlier this week to suspend all state asset sales.

“If any issues are found in the sales process — such as asset undervaluation or preferential treatment — legal accountability must be pursued through a joint investigation by prosecutors and police,” Kim said. “Authorities must also consider canceling contracts and restoring original ownership where appropriate.”

Kim stressed that President Lee’s directive must be taken seriously and fully implemented, urging officials to “dispel public concerns over the privatization of public infrastructure” and “swiftly introduce institutional reforms to strengthen parliamentary consultation and public input in managing national assets.”

On Monday, President Lee ordered a complete halt to the sale of state-owned assets and called for a thorough review of any ongoing or pending deals before making further decisions.

In a Cabinet meeting on Tuesday, Lee warned that “massive sales of public assets are being carried out without clear principles,” adding that any exceptions must be approved by the prime minister and that asset sales should “generally be avoided.”

The previous Yoon Suk Yeol administration had pushed for the sale of YTN shares as part of a public sector reform initiative launched in 2022. Under the plan, Eugene ENT, a special-purpose company under Eugene Group, acquired a 30.95 percent stake in YTN from state-run Kepco KDN and the Korea Racing Authority, becoming the network’s largest shareholder. The deal was approved by the Korea Communications Commission in February last year.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG [[email protected]]