Unionized workers of the news channel YTN stage a rally in front of the government complex in Gwacheon, South Korea, 07 February 2024, to voice their objection to the Korea Communications Commission’s approval that an affiliate of the mid-sized conglomerate Eugene Group becomes the largest shareholder of the local news channel. File. Photo by YONHAP / EPA
Feb. 5 (Asia Today) — South Korea’s Board of Audit and Inspection said Thursday it will begin a first-half audit of public institutions’ asset management, including the sale of broadcaster YTN, amid allegations that some state-linked assets were disposed of at below-market prices.
The audit agency released its 2026 annual plan and said it will focus on high-risk areas tied to financial soundness, including large public-sector projects, asset sales and the operations of overseas offices.
A Board of Audit and Inspection official said the agency will conduct a comprehensive review of cases in which assets were sold or leased at low prices without sufficient valuation, citing claims that public institution assets, including YTN, were subject to “fire-sale” pricing.
YTN became the center of controversy in October 2023 over allegations of forced privatization and a rushed or preferential sale after a 30.95% stake held by KEPCO KDN and the Korea Racing Authority was transferred to the Eugene Group, according to the report.
President Lee Jae-myung ordered ministries in November 2025 to halt and reexamine state asset sales, the report said.
The audit plan also includes reviews described as “visible to the public,” covering illegal drug customs clearance management, defect handling in multi-unit housing and the operation of information security certification systems.
In addition, the agency said it will conduct “innovation support audits” in new technology areas such as artificial intelligence and research and development. The plan also calls for an audit of relaxation facilities, including a cypress sauna and a bedroom, installed at the Yongsan presidential office during former President Yoon Suk Yeol’s tenure, according to the report.
An audit agency official said the board will aim to drive institutional changes that the public can feel.
— Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260206010002246