The wealth disclosure controversy surrounding Han Sung-sook, nominee for minister of SMEs and startups, is drawing nationwide attention. Just after her nomination, her reported assets became a hot topic. Han previously led Naver, South Korea’s largest internet company. She declared 18.1 billion won in assets to the National Assembly. However, this figure may leave out significant financial holdings.
According to the opposition People Power Party, Han’s full financial picture is far more complex. They claim she failed to report Naver stock options, U.S. stocks, real estate, and cryptocurrency. Based on their estimates, her actual assets may reach 44 billion won.
If confirmed, Han would become the richest minister in the current Cabinet. She would also be the wealthiest minister to serve in over 25 years. The wealth disclosure controversy is raising major concerns among lawmakers and the public.
In South Korea, financial transparency remains a key expectation for public officials. Under former President Moon Jae-in, ministers with multiple homes often faced public criticism. His administration discouraged owning more than one home due to soaring housing costs.
Now, under President Lee, similar scrutiny continues. Other nominees, including top security adviser Wi Sung-lac, have faced similar criticism for holding expensive properties in sought-after areas. The presidential office has acknowledged the concerns. However, they stated that the situation requires careful review through official procedures. They declined to release specific comments while the matter remains under review.
Han’s supporters argue her wealth is the result of a successful business career. They say her private-sector experience could benefit startups and small businesses. Still, critics argue that transparency matters more than past achievements. The wealth disclosure controversy has already shaped the confirmation process. Lawmakers are pushing for detailed explanations and full disclosure of all assets.
This incident is not isolated. It highlights how financial integrity remains essential in Korean politics. As Han’s nomination proceeds, the public continues to demand accountability. Ultimately, the wealth disclosure controversy serves as a reminder. Trust in government starts with clear and honest reporting by those in power.
