Eight Committees, Including Finance and Economy and Planning and Trade, Industry, Energy, SMEs and Startups, Hold Comprehensive Audits; MBK, Benchmark Rates, and Personal Data Leaks in Focus

Renewed controversy over Chairman Kim Byungjoo's attendance
Discussion also covers the Bank of Korea's rate hold the previous day

With comprehensive audits by eight standing committees scheduled to be held at the National Assembly on Oct. 23, attention focused on whether Kim Byung-joo, chairman of MBK Partners, would attend and how he would respond to the National Assembly. Monetary policy following the decision to hold the benchmark interest rate steady, personal information leaks, and real estate issues were also under scrutiny.

A scene from the National Assembly’s audit of the Korea Gas Corporation, held on the 19th at the corporation’s headquarters in Dong-gu, Daegu. Yonhap News.

The National Assembly's Committee on Finance and Economy and Planning, Trade, Industry, Energy, SMEs and Startups Committee, Science, ICT, Broadcasting and Communications Committee, Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, Culture, Sports and Tourism Committee, Education Committee, Climate, Energy, Environment and Labor Committee, and Land, Infrastructure and Transport Committee each conducted comprehensive audits that day.

The comprehensive audit by the Trade, Industry, Energy, SMEs and Startups Committee covered the Ministry of SMEs and Startups, the Ministry of Intellectual Property, and their affiliated agencies. Attention centered on whether Chairman Kim Byung-joo, who was named as a witness in connection with the Homeplus crisis, would attend. He had previously refused a request to appear once and has again submitted a written explanation for his absence, leading to expectations that he may not attend. If he does not, the National Assembly is expected to issue a warrant compelling his attendance and file a criminal complaint under the Act on Testimony, Appraisal, etc. before the National Assembly.

The Committee on Finance and Economy and Planning held a comprehensive audit of the Ministry of Planning and Budget, the Bank of Korea, and the Korea-U.S. Strategic Investment Corporation, among others. The Future Response Fund, investment in the United States, and monetary policy following the Bank of Korea's decision the previous day to hold the benchmark interest rate steady were raised as key issues. The Science, ICT, Broadcasting and Communications Committee audited the Ministry of Science and ICT and the Nuclear Safety and Security Commission, among others. With Hong Beom-sik, CEO of LG Uplus, attending the audit, measures to address personal information leaks were discussed.

Elsewhere, the Land, Infrastructure and Transport Committee discussed real estate issues in an audit of the Ministry of Land, Infrastructure and Transport and other bodies, while the Education Committee focused on the Ministry of Education and discussed measures to address disruptions to the early admissions application system. The Climate, Energy, Environment and Labor Committee audited the Korea Workers' Compensation and Welfare Service and other agencies, while the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee discussed issues related to the Ministry of Oceans and Fisheries.

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