Korea Halts State Asset Sales After Claims of Below-Market Deals

President Lee Jae Myung ordered an emergency halt to government asset sales and directed all ministries to review ongoing and planned transactions, tightening oversight of public asset management after allegations that the previous administration sold state properties at deep discounts.

Any sales deemed unavoidable must get prior approval from the prime minister, according to a government statement on Monday. The presidential office later said that the move follows concerns raised during a parliamentary audit about public assets being offloaded below market value, and that relevant ministries will swiftly investigate past cases and take corrective measures, it said.