President Lee Jae Myung has issued an emergency directive halting all ongoing and planned sales of government-owned assets amid growing speculation about possible irregularities involving undisclosed buyers. The announcement was made by Culture Minister Chae Hwi-young on Monday.
Under the new order, all Cabinet ministers must suspend state asset sales and review any transactions currently under negotiation. President Lee also instructed that future sales require direct approval from Prime Minister Kim Min-seok if deemed necessary.
The decision reverses former president Yoon Suk Yeol’s initiative to sell public land and properties valued at approximately 16 trillion won ($11.2 billion) between 2022 and 2027 to stimulate private-sector growth. Recent parliamentary reviews raised concerns that several state assets had been sold at steep discounts during Yoon’s administration, fueling speculation of preferential treatment for select buyers.
Lawmakers noted that some government-owned properties were sold at nearly half their original asking prices, prompting Lee’s swift action to ensure transparency and restore public trust in the handling of national assets.
