Ministry of Education Official Caught in Rental Property Scandal
The Audit and Inspection Board has exposed a public official from the Ministry of Education who engaged in dubious investment practices and ran a rental business without proper authorization. The official, referred to as Mr. A, was found to have purchased a total of 48 flats and villas in Seoul, Gyeonggi-do, and Gangwon-do through gap investments, effectively operating a rental business without any capital.
In its regular inspection report released on the 26th, the Audit and Inspection Board disclosed that Mr. A, a managerial employee at the Ministry of Education, had registered as a real estate rental business operator without obtaining the necessary government permission. Despite his lack of authorization, Mr. A proceeded to run the business, raking in substantial profits.
According to the Audit and Inspection Board, Mr. A began his investment spree in 2013 and acquired a total of 7 apartments in Seoul, 25 in Gyeonggi-do, 12 in Gangwon-do, 2 in Gyeongsang-do, and 2 in Gwangju. The rental deposits for these properties accumulated to a staggering 12.26 billion won, with amounts ranging from 110 million to 525 million won for each unit.
Notably, Mr. A resided in a luxurious apartment worth 2.28 billion won in Songpa-gu, Seoul, for which he paid a deposit of 1.38 billion won.
The Audit and Inspection Board’s investigation further revealed that Mr. A had been involved in six cases of rental guarantee accidents worth 1.7 billion won between January 2020 and April of the following year. Currently, three of these cases, amounting to deposits worth 850 million won, are being auctioned off due to Mr. A’s failure to fulfill his obligations.
Expressing concern over the scandalous impact of a government official partaking in profit-driven activities without proper authorization, the Audit and Inspection Board has called on the Ministry of Education to impose appropriate sanctions, including disciplinary measures, in accordance with relevant regulations.
While the Audit and Inspection Board did not directly request disciplinary action due to the lack of a direct job connection between Mr. A’s rental business and his responsibilities at the Ministry of Education, it has urged the Ministry to make an informed decision regarding the matter.
In a separate development, the audit also uncovered another Ministry of Education civil servant who had been on leave since April of last year. This individual repeatedly extended the duration of their leave until April 2021 and was found to have generated 2.34 million won in revenue through activities such as advertising, sponsorship, and publicity on their personal blog.
It is crucial for the Ministry of Education to take swift and appropriate action to address these serious breaches of ethics and regulations. The public has entrusted these officials with their roles and responsibilities, and it is essential that they uphold the highest standards of integrity and transparency.
– KWANGJU BROADCASTING COMPANY –
An official from the Ministry of Education who committed a warranty accident while buying about 40 flats and villas through gap investment without capital and running a rental business was caught by the Audit and Inspection Board.
It was revealed in an audit by the Audit and Inspection Board that this public official from the Ministry of Education bought a total of 48 apartments and villas in Seoul, Gyeonggi-do, and Gangwon-do through gap investment without capital and running rent. business.
In the regular inspection report of the Ministry of Education and the Korea Educational Development Organization released on the 26th, the Audit and Inspection Board revealed that Mr. A, a manager-level employee of the Ministry of Education, registered as a real estate rental business operator without even applying for permission from the government to hold a concurrent job and run the business for this profit.
According to the Audit and Inspection Board, since 2013, Mr. A has continuously bought 7 apartments in Seoul, 25 in Gyeonggi-do, 12 in Gangwon-do, 2 in Gyeongsang-do, and 2 in Gwangju.
Mr A received a total of 12.26 billion won as a rental deposit, ranging from 110 million to 525 million won for each apartment.
Meanwhile, he lived in an apartment worth 2.28 billion won in Songpa-gu, Seoul, paying a deposit of 1.38 billion won.
As a result of the confirmation of the Audit and Inspection Board, it was found that among the houses owned by Mr A, a total of 6 cases of rental guarantee accidents worth 1.7 billion won occurred between January 2020 and April last year.
Among these, three cases (deposits of 850 million won) are in the process of being auctioned due to Mr A’s failure to repay the money delegated by the Housing and Urban Guarantee Corporation (HUG ).
The Audit and Inspection Board informed the Ministry of Education, “The government official has had a scandalous influence on the government by undertaking profit-making work without permission to hold concurrent positions,” and added, “Prepare appropriate sanctions, including disciplinary action. , in accordance with relevant regulations.”
It is said that the Audit and Inspection Board did not ask for disciplinary action because there was no direct job connection between Mr A’s real estate rental business and the work of the Ministry of Education, but informed the Ministry of Education to make an appropriate decision.
As a result of this audit, another civil servant of the Ministry of Education on leave continued to change and extend the reason for leave from the end of April 2021 to April last year, and after creating an internet blog, it was found that he earns 2.34 million earned through advertising revenue, sponsorship, and publicity.
#Ministry of Education #Board of Audit and Inspection #Public Officials #Gap Investment #Guarantee Crash
Copyright@ KWANGJU BROADCASTING COMPANY. all rights reserved.
#Ministry #Education #officials #flats #noncapital #gap #investment #Guaranteed #loss #billion #won
