BAI launchs a sweeping audit into state agencies and firms

The Board of Audit and Inspection has started a vigorous audit into 31 major public companies and agencies including KEPCO, Korea Gas Corporation, and Korea Racing Authority, a move that has been widely expected since the inauguration of Lee Myung-bak who stressed the importance of government overhaul.

The state agency allocated 240 personnel on the mission of tracking down on lax management and unnecessary spending, and excessive in-house welfare system in order to enhance work efficiency in the public sector.

A senior official from the agency, criticizing a widespread delinquent management in the state-run sector, said “the BAI has been inspecting public firms since 2004 but lax management of some companies remains unchanged…In order to spur competitiveness, it is necessary to reform, which has been however blocked due to organizational self-interests.”