Political Statement of Assets & Expenditures Made Public

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Political Statement of Assets & Expenditures Made Public

Figures have been made public to the party-independent Central Election Management Committeect detailing the assets, funding and expenditures of the nation's political parties upto and including election run-off period. Last year, the ruling Millennium Democratic Party (MDP) and its former incarnation, the National Congress for New Politics, raised 20 billion won ($18 million) through party sponsorship and supporting fees from the party membership. In contrast, the opposing Grand National Party (GNP) raised a mere 2.8 billion won ($2.4 million) while the United Liberal Democrats raised 5.8 billion won ($5.2 million).
Total funds raised through sponsors and government subsidies were 76.5 billion won ($68.6 million). The GNP has been enjoying government support to the tune of 10.4 billion won ($9.3 million). Not to be left out, the MDP and the ULD each had 8.3 billion won ($7.4 million) and 6.5 billion ($5.9 million) at their disposal for not only election expenses but also for regular operating expenses.
All the parties spent only seven to twelve percent of their funds on 'policy development'. The rest of the amount were used for 'education' expenses, advertisement budgets and other expenditures such as personnel budgets. The MDP spent 3 billion won ($2.7 million) for policy development or seven percent of total income, 41 billion won ($36.5 million). The GNP spent 4.2 bilion won ($3.8 million) or 21 percent of their total income and the ULD used 2.2 billion won ($2 million) or 14 percent.
With regards to party assets, the parties diverge somewhat. The GNP report sees them taking first with asset amounting to 120 billion won ($107.6 million). This figure includes the training buildings in Chunan and party headquarters on Yoido in Seoul. The MDP reported 12.8 billion won ($11.48 million) as the total amount of assets held, and the ULD filed their total holdings at 4 billion won ($35.9 million).

by Lee Jung-min

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