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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

NPS under fire for lax management

  • PUBLISHED :December 27, 2016 - 12:30
  • UPDATED :December 27, 2016 - 13:48
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[THE INVESTOR] The National Pension Service’s top decision-making process has been flawed a local daily reported on Dec. 27, adding further controversy to the state-fund’s operations that have been brought into question in the presidential scandal.

The NPS has been accused of approving the Samsung C&T-Cheil Industries merger in return for Samsung Group’s funding of Choi Soon-sil’s plans, leading to a 300 billion won (US$248.78 million) loss. 




Choi is a close associate of President Park Geun-hye, accused of meddling in state affairs.

According to the vernacular daily JoongAng Ilbo, the National Pension Fund Operation Committee has held only 36 meetings since 2010, with each meeting lasting less than two hours. In addition, the meetings on average saw attendance by 13 of the 20 committee members, the daily said.

Under the National Pension Act, the NPFOC is the highest decision making body for operating the 545 trillion won fund. The committee comprises of 20 members including the welfare minister, NPS chief, vice ministers of agriculture and trade, and 14 individuals representing employers and workers to ensure independent operations. The vice ministers of agriculture, and trade attended the meeting on only two occasions, the daily claimed.

The report also said that the committee approved 54 of the 64 items discussed at the meetings without alteration.

By Choi He-suk (cheesuk@heraldcorp.com)

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