[Anchor]

The Board of Audit and Inspection has concluded that the Korea Communications Commission and the Ministry of Trade, Industry and Energy improperly intervened in the sale of YTN stakes during the Yoon Suk Yeol administration. The board has forwarded investigative reference materials regarding two related individuals, including former Korea Communications Commission Chairman Lee Dong-gwan, to the Corruption Investigation Office for High-Ranking Officials.

Reporter Choi Jae-yeong has the details.

[Reporter]

In 2022, following the government's public institution asset efficiency plan at the time, KEPCO KDN and the Korea Racing Authority decided to sell their respective YTN stakes.

In August of the following year, the two agencies signed an agreement to jointly sell only 29.99 percent out of their combined 30.95 percent stake.

Because the ownership limit for YTN stakes is capped at 30 percent for large conglomerates, selling 29.99 percent—just under the 30 percent threshold—would allow large conglomerates to participate in the bidding, thereby maximizing proceeds from the sale.

However, an audit by the Board of Audit and Inspection revealed that in September 2023, then-Korea Communications Commission Chairman Lee Dong-gwan demanded that then-Vice Minister of Trade, Industry and Energy Kang Kyung-sung have the two agencies sell "all" of their YTN stakes.

Former Vice Minister Kang promptly instructed KEPCO KDN, the agency under his ministry's jurisdiction, to sell its entire YTN stake, and made the same demand to the Korea Racing Authority, which was not under his ministry's jurisdiction.

Ultimately, the two agencies changed their policy to sell their entire holdings of 13 million shares, amounting to a 30.95 percent stake.

Consequently, in October 2023, only three companies—excluding large conglomerates—participated in the competitive bidding, and Eugene Group successfully acquired the entire YTN stake previously owned by KEPCO KDN and the Korea Racing Authority for 319.9 billion won.

The Board of Audit and Inspection added, however, that it was difficult to determine whether the sale constituted an "underpriced sale."

The board concluded that the Korea Communications Commission and the Ministry of Trade, Industry and Energy improperly intervened in the sale process at the time, infringing upon the decision-making autonomy of public institutions, and issued a "caution" to the agencies.

It also announced that on the 11th, it sent investigative reference materials concerning former Chairman Lee and former Vice Minister Kang to the Corruption Investigation Office for High-Ranking Officials.

(Video Editing: Jang Hyun-ki)