Seoul: The government announced a new policy on Monday requiring that sales of state-owned assets valued at 30 billion won (US$20.3 million) or more be reported to the relevant standing committee of the National Assembly prior to any transaction. This decision comes amidst growing concerns that public assets are being sold at undervalued prices.

According to Yonhap News Agency, the Ministry of Economy and Finance has stipulated that asset sales meeting the 30 billion won threshold must undergo a Cabinet review and be reported in advance to the parliamentary committee responsible for oversight. Additionally, sales of assets valued at 5 billion won or more will now require approval from designated review bodies.

These measures were implemented following President Lee Jae Myung's directive to halt government asset disposals last month, due to apprehensions that such assets were being liquidated at a loss. The ministry emphasized in a press release that government assets should not solely be viewed as a means of generating fiscal revenue, but rather as public goods that should maximize benefits for the public.

Furthermore, the ministry declared that sales at prices below appraised value will generally be prohibited. In cases where discounted sales are unavoidable, prior approval from the review committee is mandatory. For high-value appraisals exceeding 1 billion won, obtaining appraisal review certification will also be required.