The Weekend Minutes to Read series offers a brief summary of key happenings in South Korea over the past week, all distilled into an easy one-minute read. Below is a roundup for April 14-18.

A South Korean audit uncovers extensive fabrication of housing and employment data spanning multiple years during the Moon administration.

On April 17, South Korea’s Board of Audit and Inspection (BAI) reported that during most of his five-year tenure, President Moon Jae-in’s administration deliberately altered crucial governmental statistics related to property values, earnings, and job markets. This manipulation came to light through the BAI’s concluding document, published following an exhaustive probe lasting from September 2022 over two years and seven months. The audit indicated that these distortions occurred at the behest or coercion of the previous Blue House leadership. Former top economic advisors Jang Ha-sung, Kim Su-hyun, Kim Sang-jo, and Lee Ho-seung all faced involvement according to this report. The comprehensive 903-page review uncovered how both the Blue House and the Ministry of Land, Infrastructure, and Transportation meddled with "the Weekly Housing Price Trends" survey on 102 occasions spanning from January 2018 until October 2021. It emerged that staff members at the Korea Real Estate Board felt compelled to adjust unpublished initial assessments so as to display less robust increases—or possibly show decreases—in home valuations when those numbers posed political risks. There have been allegations suggesting threats of funding cuts or workforce reductions against the board should they resist such directives.

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A South Korean coalition has been awarded a $10 million contract to develop a research reactor in the United States.

The Korea Atomic Energy Research Institute along with Hyundai Engineering have entered into an agreement to develop the biggest university-run research reactor in the United States—a significant step as South Korea reintroduces nuclear tech to a nation where its atomic history started over six decades ago. Following receipt of its inaugural research reactor from the U.S. in 1959, South Korea is now utilizing its accumulated knowledge to regain prominence in the international research reactor sector. On April 17th, these entities disclosed that their partnership—with U.S.-based company MPR Associates included—has been entrusted with the preliminary design work for the University of Missouri’s upcoming NextGen Missouri University Research Reactor (NextGen MURR). This group emerged victorious among seven competitors following rigorous evaluation processes and officially sealed the deal this year. "Out of seven contenders which also comprised American and Argentinian businesses," stated Lim In-Cheol, senior official at the Korea Atomic Energy Research Institution, "our team was chosen. It underscores worldwide acknowledgment of our cutting-edge skills and successful track record."

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The BOK halts interest rate reductions, keeps them at 2.75% due to conflicting economic indicators.

On April 17th, South Korea’s central bank decided to leave its main interest rate untouched at 2.75%, halting its series of reductions due to heightened instability in the forex markets and an unexpected upsurge in property values complicating economic policymaking. During their latest session in early April, members of the Bank of Korea’s (BOK) Monetary Policy Board opted to preserve the base rate as-is, subsequent to consecutive decreases towards the end of 2024 followed by another cut down to 2.75% in February. This choice follows an extended period where the monetary authority incrementally hiked rates—from 0.5% all the way up to 3.5%—between August 2021 and January 2023, prior to maintaining these levels consistently over roughly 17 months. "It was deemed fitting to sustain this present rate point," noted the BOK in a release post-meeting, emphasizing vigilance regarding shifts both internally and externally. They also indicated that upcoming adjustments will prioritize steering inflation toward targeted figures alongside safeguarding overall financial health.

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Seoul reports 63 sinkholes over three years, sparking worries aboutground safety.

According to data reviewed from the Seoul Metropolitan Government, 63 sinkholes have been documented throughout the city within the last three years, covering the time frame from March 2022 up until recently. Among these occurrences, 19 were found in Gangnam, Seocho, and Songpa—the areas collectively referred to as "Seoul’s 'Gangnam 3 Districts'"—representing almost 30% of total instances recorded city-wide. Interestingly, only two regions, Gwangjin and Geumcheon, did not report any such events during this interval. Specialists suggest that these statistics underscore increasing worries about the structural integrity of the region’s grounds. An expert commented, "We're witnessing these sinkholes appear primarily in spring rather than typically rain-heavy summers—a critical factor often associated with soil sinking." This observation implies that nowhere in Seoul should be seen as completely secure underfoot. Even though successive administrations at national and local levels have attempted various strategies aimed at averting potential issues, fears linger regarding possible upticks in sinkhole activity due to anticipated severe precipitation later in the year.

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South Korea and the U.S. will engage in discussions about the Alaska LNG project as a stepping stone toward trade talks.

On April 14th, Acting President and Prime Minister Han Duck-soo stated that South Korea and the United States plan to conduct a virtual summit over the coming couple of days to address the Alaska liquefied natural gas (LNG) initiative. This step is anticipated to pave the way for more extensive trade talks intended to reduce tariffs imposed by the U.S. on South Korean products. During a session with the Economic Security Strategy Task Force at his official residence in Samcheong-dong, Seoul, Han mentioned their agreement to enhance collaboration across three critical sectors: shipbuilding, LNG, and trade balance adjustment. "This has generated positive conditions for ongoing communication," he remarked. He added that as they prepare for conversations about the Alaska LNG venture, efforts will be made to alleviate tariff pressures. Han further disclosed that an envoy headed by the Minister of Trade, Industry, and Energy was set to depart shortly for the U.S., where formal negotiations were scheduled to begin.

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Ex-president Yoon dismisses insurrection allegations at initial court appearance

On April 14, the initial court session regarding ex-President Yoon Suk-yeol's accusations of instigating an uprising took place. During this proceeding, Yoon firmly refuted every allegation brought against him. Regarding the December 3rd announcement of martial law, he contended, "This incident was entirely peaceful and concluded shortly after the National Assembly requested its withdrawal. Labeling it as sedition is not supported under legal standards." This particular court appearance spanned approximately six hours, featuring a comprehensive address lasting 93 minutes delivered personally by Yoon. In response to assertions suggesting his actions were planned well ahead, Yoon dismissed them outright: "To claim such plans existed since early spring is utterly ridiculous—almost comical," he stated emphatically. The next judicial review has been set for April 21 at 10 AM.

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The South Korean opposition intends to disband the military intelligence unit if they come into power.

South Korea's primary opposition party, the Democratic Party (DP), plans to dissolve the military's Defense Counterintelligence Command (DCC) and implement extensive overhauls of various influential governmental bodies should they regain control. This information comes from both party insiders and individuals familiar with matters related to national defense. Accused of playing a role in attempting to detain politicians amid the December 3rd martial law incident, the DCC might have its key duties split into three distinct departments housed inside the Ministry of National Defense, based on proposals examined by the DP’s specialized defense task force. This strategy is anticipated to become part of their manifesto for the upcoming presidential election after selecting an official nominee. "The DCC played a pivotal role in our nation's recent martial law turmoil," stated Kim Do-gyun, ex-chief of the Capital Defense Command and present advisor on security issues to prominent DP aspirant President Lee Jae-myung, during an exclusive talk. Chosun Ilbo "Drastic actions are required." As per the suggested restructuring, the military security roles presently managed by the DCC will be handed over to the Defense Intelligence Agency. The internal oversight responsibilities will shift to the Ministry's audit department, whereas counterintelligence activities will fall under the purview of the Ministry's investigative unit. According to defense officials, this proposal aims at essentially disbanding the DCC.

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