Top Korean civil servants’ wealth averages $2mil

Top Korean civil servants’ wealth averages $2mil

President Park saw an increase in wealth of 120 million won to 2.56 billion won, compared to before taking her post. -Korea Herald/ANN

Oh Kyu-wook
Sun, May 26, 2013
The Korea Herald/Asia News Network

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The average wealth of the government’s top officials is 1.83 billion won (S$2 million), a government report has showed. The government’s Public Ethic Committee disclosed on Friday the assets of 27 top senior civil servants, including President Park Geun-hye, Prime Minister Chung Hong-won and other Cabinet members.President Park saw an increase in wealth of 120 million won to 2.56 billion won, compared to before taking her post, while the prime minister is slightly above the average with 1.87 billion won, according to the committee.

Of the 27 top-ranked officials, Cho Yoon-sun, the Minister of Gender Equality and Family, topped the list with 4.69 billion won. Cho was the first female lawyer to be hired by Kim & Chang, the nation’s largest law firm, and served as the vice chairman of the Seoul office of Citibank, before entering politics in 2002.

Justice Minister Hwang Kyo-ahn is ranked second on the list with 2.16 billion won, followed by Environment Minister Yoon Seong-kyu with 1.92 billion won, according to the report.

Meanwhile, Mo Chul-min, education and cultural affairs secretary, registered the smallest figure of 171 million won, followed by Unification Minister Ryoo Kihl-jae with 180 million won and Minister of Employment and Labor Phang Ha-nam with 330 million won.

The Friday’s list, however, did not include Finance Minister Hyun Oh-seok, Health and Welfare Minister Chin Young and three other Cabinet members whose assets were disclosed in the previous report in March. Hyun and Chin reportedly hold assets worth 4.17 billion won and 3.84 billion won, respectively.

Under an anti-corruption law, senior-level civil servants and members of the National Assembly are required to report their personal assets every year.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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