Ex-broadcasting watchdog chief unfairly involved in YTN stake sell-off: state auditor

Former broadcasting and communications watchdog chief Lee Dong-kwan played an unfair role in the sell-off of a controlling stake in news cable channel YTN during the Yoon Suk Yeol administration, according to the state auditor. Lee, who was the chairman of the now rebranded Korea Media and Communications Commission, demanded the vice industry minister to ensure the two state-run companies, KEPCO KDN and the Korea Racing Authority, sell off all their 29.99 percent stake in YTN.

The vice industry minister subsequently pressured the firms to change their agreement and sell their entire stake, effectively excluding large enterprises from the bidding process. This infringed upon the autonomy of the firms' decision-making. Although the audit agency reported its findings to the Corruption Investigation Office for High-Ranking Officials, the YTN stake was not sold below market prices.