Lee Se-woong, the governor of North Pyongan Province from the North Korean 5 Provinces Committee, reported assets of 1.047 billion won. This is the most among the 2,047 public officials required to disclose their assets. His assets decreased by 17.8 billion won compared to the previous year due to a drop in the value of stocks he holds, the largest decline among public officials required to disclose their assets. Lee Geon-woo, president of the Daegu Gyeongbuk Institute of Science and Technology (DGIST), reported the greatest increase in assets among public officials required to disclose their assets, with an amount of 20.5 billion won, an increase of 8.3 billion won from the previous year.
It was found that 7 out of 10 public officials required to disclose their assets had increased their assets compared to the previous year. The government plans to review changes in officials’ assets by the end of June. Through this, if false information was submitted or if a public official gained asset advantages using confidential information from their duties, the government plans to request an investigation from the Minister of Justice. The Governmental Public Ethics Commission published these details in an official gazette on the 27th in a document titled '2025 Regular Asset Changes of Public Officials.'
◇‘Descendants of displaced persons’ Governor Lee Se-woong ranked first in public officials' asset disclosures
The amount declared by Governor Lee Se-woong is a total of 1.046 billion 8588 thousand 4000 won. He reported 367 million 8318 thousand won in land alone in Byeollae-dong, Namyangju, Gyeonggi Province, Suyu-dong, Gangbuk-gu, Seoul, and Siheung-dong, Geumcheon-gu. Additionally, there are a dwelling valued at 8.9 billion won in Jangchung-dong, Jung-gu, Seoul, securities worth 52.1 billion won, deposits of 6.8 billion won, and a vehicle worth 2.2 billion won.
Governor Lee was born in Uiju, North Pyongan, and moved to Seoul in 1947. He is the eldest son of Lee Bong-soo, the former chairman of Shinil Group and a co-founder of Korea Glass Industry. He has served as chairman of Shinil Group, president of Korea Glass, representative of Korea Gas, chairman of Shinil Academy, the National Ballet of Korea, and the Arts Center.
The governor’s assets also showed the largest drop among public officials whose asset disclosures were made public on that day. This was influenced by a decrease in the value of the stocks he holds. The value of held stocks dropped about 17.5 billion won from the previous year, which is most of the governor’s reported asset decrease of 17.7 billion 7836 thousand won.
Next, Jeon Soo-yong, director of the Korea Literature Translation Institute, saw his assets decrease by 13.05682 billion won compared to the previous year. Choi Ji-young, International Economic Management Director of the Ministry of Economy and Finance, reported a decrease of 8.36137 billion won, Kim Jae-yong, a member of the Daegu City Council, reported a decrease of 5.35435 billion won, and Kim Seong-je, mayor of Uiwang City, reported a decrease of 4.38771 billion won.
On the contrary, Lee Geon-woo from DGIST reported the largest increase in assets among public officials required to disclose their assets, with an increase of 8.32888 billion 8000 won, leading to a total of 20.53119 billion 4000 won. This surge is attributed to a significant rise in the value of unlisted stocks he holds. The increase in stock value under his name and his spouse’s name alone amounted to 8.14781 billion 3000 won.
Kang Eun-hee, superintendent of Daegu City, followed the president with an asset increase of 7.56332 billion won compared to the previous year. Additionally, Kim Dae-jin, president of the Korea National University of Arts, reported an increase of 5.55897 billion won, Shin Yong-seok, cybersecurity secretary at the Office of National Security, reported an increase of 5.48735 billion won, and Lee Jong-won, chairperson of the South Chungcheong Provincial Autonomous Police Committee, reported an increase of 4.02790 billion won.
◇Among 10 public officials required to disclose assets, 7 showed asset increases
The total number of public officials subject to this regular asset change disclosure is 2,047. This includes political appointees, members of senior civil service grade, national university presidents, heads of public interest-related organizations, mayors of metropolitan and basic local governments, metropolitan council members, and city/provincial education superintendents. They must report changes in their assets from January 1 to December 31 each year by the end of February the following year. The ethics committee will disclose the information based on this within one month after the reporting period ends.
It was found that 70.3% of the total 2,047 public officials required to disclose their assets, equating to 1,440 individuals, experienced an increase in their assets. Conversely, 29.7%, or 607 people, saw a decrease in their assets. The increase in assets is primarily attributed to increases in net worth due to savings, gifts, or rises in assessed value of land or buildings. Decreases in assets are largely due to declines in stock prices.
However, President Yoon Suk-yeol and the Minister of National Defense were excluded from this asset disclosure requirement. Director General Cheon noted, 'It is possible to defer or exempt regular change reporting,' stating that the president was unable to report from January 1 to February 28 due to being detained from January 15 to March 8, leading to a deferment request, which has been accepted. The Minister of National Defense faces a similar situation.
If asset declarations are deferred due to detention, they must be reported within two months based on the day the reason for the deferment is resolved. In President Yoon's case, he must report by June 1.
Cheon Ji-yoon, the ethics officer of the Ministry of Personnel Management, stated, 'When an individual’s assets excessively increase or decrease compared to their income, we will examine the details regarding the formation of assets, including the means of acquisition and sources of income concerning the potential illicit enrichment using confidential information learned in the course of duty,' adding that 'we plan to request an investigation from the Minister of Justice regarding allegations of improper asset accumulation using confidential information learned while performing their duties.'