President reports increase in personal wealth

By Byun Duk-kun
SEOUL, March 27 (Yonhap) -- President Lee Myung-bak declared his personal assets
Friday to be worth about 35.7 billion won (US$27.1 million), up some 440 million
won from the last filing a year ago despite the global financial crisis that left
over 40 percent of his government officials owning less than a year before.
Lee's wealth gain came mostly from an increase in the value of his real estate
properties that include three buildings in the affluent southern part of Seoul,
according to a government report that compiles private assets of public officials
and lawmakers every year.
His savings also increased slightly by some 47 million won to 24 million won, it
said, apparently from rent for his buildings as the president has donated all his
salary since taking office 13 months ago.
The first couple have pledged to donate all their assets except for a house they
will live in after retirement, with the arrangements for the donation reportedly
under way quietly.
The presidential office Cheong Wa Dae has refused to reveal details of the
donation, but recent reports suggested the money will be used to set up a
scholarship fund named after the president's late mother Chae Tae-won who died in
1964.
"An organizing committee headed by former justice minister Song Jeong-ho was
recently set up to wrap up the donation process," a Cheong Wa Dae official said,
noting the donation will likely be completed before the end of June.
The law requires officials to declare the wealth of their next of kin, but the
president has omitted his son Si-hyeong, citing his economic independence.
bdk@yna.co.kr
(END)