Fourteen CEOs from state-owned enterprises were front and center at a policy briefing of the parliamentary land committee on Tuesday, where they emphasized that their focus is on reducing debts and improving management.
"The Korea Land and Housing Corporation is the most indebted public firm. We plan to work closely with the committee's lawmakers in reforming our institution."
"KORAIL continues to assess which assets to sell off this year for debt repayment in line with the government's reform drive."
Public companies have been under fire for handing out what many see as excessive bonuses, benefits and perks to their employees despite mounting debts and deteriorating business conditions.
To reverse the tide, the Korea Railroad Corporation and Korea Electric Power Corporation plan to offload real estate assets and shares to the tune of 1.7 billion U.S. dollars and 1.4 billion dollars, respectively.
The Korea Expressway Corporation has similar plans, but will also be reforming the main source of its revenue.
"After repaying our debt by selling assets and restructuring, we're looking at the price of toll gate fees, which is one of the main causes for our deficit."
The members of the parliamentary land committee listened to the plans and suggested that state-run corporations do more business with smaller enterprises when starting new projects.
"Lawmakers also urged CEOs to take comprehensive public sector reforms such as selling non-core assets, reducing excessive benefits to workers and streamlining their overall business structure to resolve the worsening debt problem.
Ji Myung-kil, Arirang News."