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Prime Minister Kim Min-seok speaks during a Cabinet meeting at the Government Complex in Seoul on November 5. / Source: Yonhap News

Prime Minister Kim Min-seok on November 5 ordered a comprehensive audit and investigation into state asset sales, including the controversial divestment of YTN shares, following President Lee Jae-myung’s directive to suspend all government asset sales.

“Conduct an immediate, full-scale review and audit of all asset sales carried out under the previous and current administrations, including the YTN case that raised concerns of undervalued deals,” Kim instructed after receiving a briefing on the president’s order.

He also warned that if evidence of asset undervaluation or favoritism is found, the government should take “strict legal action through a joint investigation by prosecutors and police,” even considering contract cancellations and restitution where necessary.

The move comes amid growing criticism in the National Assembly that state properties were sold at below-market prices during the Yoon Suk-yeol administration. In 2022, the Yoon government initiated the sale of YTN shares, with Eugene Group’s special-purpose company, Eugene ENT, acquiring 30.95 percent held by KEPCO KDN and the Korea Racing Authority to become the largest shareholder. The Korea Communications Commission approved the ownership change in February last year.

President Lee had earlier ordered all ministries to suspend ongoing or planned sales of government-owned assets, calling for a thorough re-evaluation before any future transactions. He emphasized that only non-essential assets should be considered for sale and required prior approval from the prime minister for any exceptions.

Prime Minister Kim said, “We must strictly implement the president’s directive, dispel public concerns over privatization, and ensure proper protection of national assets.” He also urged ministries to swiftly prepare institutional reforms to strengthen oversight of asset sales, including closer coordination with the National Assembly and public opinion consultations.