PSPD in English Socio-Economic 2001-12-19   1750

[Manifesto] The Officials and Supervisory Office and their Liability: The PSPD’s opinion of the result of inspection of public funds by the Board of Audit and Inspection of Korea

[Manifesto] The Officials and Supervisory Office and their Liability: The PSPD’s opinion of the result of inspection of public funds by the Board of Audit and Inspection of Korea

Participatory Economy Committee


1. The outcome of the special audit of public funds by the Board of Audit and Inspection of Korea (hereafter the Board) revealed November 29th was terribly shocking. 150 trillion Won from taxes was dumped into banks, but executives supported by the banks ripped off 7 trillion Won for private uses. Something is very wrong in the system of operating the public fund.

2. The Board only accused 40 large stockholders and executives who concealed money in and outside of the nation of embezzlement, and asked the SPPO (Supreme Public Prosecutor ‘s Office) to give severe punishment. However, the Board didn’t blame the officials of the supervisory office who raised and implemented the fund, because, the Board asserted, they did not show any intentional dereliction of duty or corruption. The ruling party and the opposition also seem to treat the operation of public funds not as a nationally important thing but as only an argument for their own benefits.

3. The PSPD points out the behavior of the government and the politicians. Fund raising, Implementation, and Supervision (getting money back) are basic steps of the operation of public funds. It was disappointing that the Board picked on the moral hazard of rotten executives only. The Board should have done something to improve the whole process of using public funds. Integrity and responsibility in fund raising and implementation are really material as well. Additional public fund may be needed in the future, and that is why the Board should endeavor to check that the officials and supervisory office fulfill the required level of integrity and responsibility

4. Therefore the PSPD asks for the resumption of the parliamentary inspection canceled last January, and that the ruling and opposite parties get together to thoroughly investigate the situation of public funds and the steps of fund raising, implementation, and supervision. The officials and supervisory office such as those in Korea’s Ministry of Finance and Economy which have responsibility for public funds deserve the result of the Board’s inspection.

5. The PSPD will continue to monitor the government and judicial power’s activity which the Board exposed. They should do something about the exposed things in civil and criminal law if it is needed. In the case that this activity is not satisfied, the PSPD will file an accusation and require compensation for damages independently.


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