Lawmaker Proposes Bill to Prevent Undervalued Sale of State Property

Rep. Park Min-gyu of the Democratic Party of Korea announced on April 28 that he has spearheaded a bill aimed at preventing the undervalued sale of state assets. The proposed amendment seeks to ensure the management of national property is more transparent and fair.

Under the current law, the disposal of state property is primarily handled through internal government deliberations and resolutions, lacking sufficient external oversight. To address this, the amendment mandates prior reporting to the relevant National Assembly standing committee when selling state property or public institution assets valued at 30 billion won or more. It also requires National Assembly approval for the sale of public institution stocks.

Rep. Park stated, "We aim to enhance transparency throughout the entire sale process and re-establish the principle of prioritizing public interest to prevent the repeated disposal of national assets at low prices."