YTN Union Reports Lee Dong-kwan for 'Abuse of Power' Demanding Bulk Sale of Government Shares in Public Enterprises
The YTN union has accused former KCC chairman Lee Dong-kwan of abuse of power in connection with the government's sale of YTN shares to the Eugene Group.
The YTN union, a branch of the National Union of Media Workers, has filed a complaint against Lee Dong-kwan, the former chairman of the Korean Communications Commission (KCC), for allegedly abusing his power during the controversial sale of government-held shares of YTN to Eugene Group. They claim that Lee intervened inappropriately, suggesting significant directives regarding the bulk sale of shares only a week after taking office, which undermined regulatory and procedural norms. The complaint underscores concerns about the integrity of procedures governing the sale of media assets and highlights possible conflicts of interest, calling for accountability.
In a press conference held in front of the Seoul Western District Police Agency, YTN's union representatives elaborated on their claims, arguing that public enterprises, which initially opposed the sale of YTN shares, were pressured by the administration of President Yoon Suk-yeol and the ruling party. They alleged that instead of pursuing a fair market process, the Yoon administration effectively coerced these public entities to sell their stakes, revealing the extent of governmental overreach into the media sector and its implications for media independence.
The union also emphasized the potential ramifications of a bulk sale of the shares, which would create a larger market concentration that could allow the Eugene Group, which is not subject to the same ownership constraints, to acquire a significant controlling interest in YTN. They argued that this transaction, as currently structured, poses a threat to the plurality of media ownership and could further complicate issues of editorial impartiality and public trust in the media, due to perceived favoritism toward conglomerates.