hankyoreh

High-ranking officials in President Lee Myung-bak’s administration disclosed their assets in a report released on April 24, revealing again that the rumors that the government consists mainly of people who own multiple properties in the Gangnam area are not baseless. The average value of the assets held by the Cabinet ministers is approximately 3.1 billion won, while that of the 10 highest-ranking officials in the presidential office of Cheong Wa Dae, or the Blue House, including Lee’s chief of staff, is about 3.5 billion won. These minister- and vice minister-level officials have properties in the so-called “bubble seven” areas of metropolitan, which indicate districts of Gangnam, Seocho, Songpa, Mokdong, Bundang, Pyeongchon and Yongin.

It is true that it can’t be deemed a sin to have a lot of money, even more so in a capitalistic society in which high-ranking officials can be selected primarily for their “abilities.” Apart from this, however, is the fact that these officials are part of the two percent of the population that must pay a comprehensive property tax calculated according to the value of their holdings. This shows just where Lee’s lineup is coming from.

It is natural for people to worry about how a government composed of wealthy people can listen properly to the underprivileged members of the society. Rep. Lee Han-koo, the ruling Grand National Party’s chief policymaker, recently criticized the government, saying they have not made any policies for the working class, small- and medium-sized companies and the needy. The government has been swift to abolish regulations and reduce taxes for large companies and rich people, while being slow to make policies for the middle class. This is probably something connected to the amount of wealth held by high-ranking government officials.

A considerable number of the Cheong Wa Dae officials who disclosed their assets have been suspected of involvement in speculation and this should be thoroughly clarified. Park Mi-seok, the senior secretary for social policy, purchased farmland in Yeongjongdo under the name of her husband and Kwak Seung-jun, the senior secretary for national policy planning, bought a plot of land in a greenbelt district near Pangyo in 1983 when he was a university student. Presidential spokesperson Lee Dong-kwan was also found to be the owner of agricultural land in Gangwon Province.

When Park purchased the Yeongjongdo land, the area was swept by development fever, and land prices have more than doubled since then. Park insists that her land purchase was not a speculative investment, but few people trust her remarks. Park was under pressure to resign due to allegations of plagiarism and a controversy over her lack of professionalism when she was appointed as a senior secretary. Now that allegations that she engaged in real-estate speculation have broken, we will have to see whether President Lee will continue to protect her.

Please direct questions or comments to [englishhani@hani.co.kr]