On the 4th, President Lee Jae-myung ordered a complete halt to the government's asset sales and then said the administration would consider ways to tighten procedures for privatizing state-owned enterprises. The suspension of asset sales follows controversy raised at the National Assembly's audit of government affairs that the previous Yoon Suk-yeol administration disposed of state-owned assets at prices below fair value. He also directed the creation of a system requiring mandatory consultation with the National Assembly and the gathering of public opinion when selling public facilities to the private sector.
Presiding over a Cabinet meeting that afternoon, Lee said before receiving briefings from ministries, "There was criticism that public asset sales were being carried out in large quantities without principles, so yesterday I ordered a complete hold on asset sales. Handle only what is absolutely necessary with the prime minister's approval, but as a rule refrain from selling," adding, "Additionally, so-called privatization of state-owned enterprises is sometimes executed by the administration too easily and unilaterally in a way that runs counter to public opinion, turning it into a political flashpoint."
Lee said, "When I was (Democratic Party) leader, we also tried to create a system to prevent or procedurally control things like the privatization of state-owned enterprises, but could not," adding, "For example, because the public is uneasy about selling major public facilities to the private sector to privatize them, please review creating a system to ensure such moves proceed only after sufficient consultation with the National Assembly or after fully gathering public opinion."
The previous day, Presidential Office Spokesperson Kim Nam-joon said in a notice to the media, "Concerns have been raised at the National Assembly's audit of government affairs and in the press that the nation's assets are being sold off at fire-sale prices," adding, "The responsible ministries will swiftly identify the facts related to the low-price sale of state-owned property and prepare measures to improve the system." This nullifies from the outset the Yoon Suk-yeol administration's policy that had signaled "the sale of more than 16 trillion won in state-owned property over five years from 2022."