It blocks social funds from unqualified civic groups in Seoul.
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Prevent conflicts of interest between fund-executing organizations and investment institutions, prevent measures such as redemption of balances, etc. from entering civic groups, blocking them, and removing Park Won-soon as part of the Seoul Metropolitan Government’s correction.= Jung Kwang-yeon, a reporter at Seoul = NewsSpim, = The Seoul Metropolitan Government has newly established a sanction clause for stakeholders to block unqualified civic groups
Social Investment Fund worth 16 billion won.
This is interpreted as part of Mayor Oh Se-hoon’s Seoul Correcting Project to prevent cases where abnormal organizations use taxes indiscriminately. Accordingly, starting this year, if a social
fund-executing organization invests funds in concurrent positions of interest in business and in institutions with stock information, it will receive
sanctions such as restitution of the balance.
According to a NewsPim report on the 11th, it has been confirmed that the Seoul Metropolitan Government has newly established a new
regulatory sanction clause to strengthen the accountability of stakeholders in the 2022 Social Investment
Fund Operation Plan.January 12th, 2022
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Rain.Vaccination… To recover people’s livelihoods…People’s livelihood…I SEOUL U
You and my Seoul.NEWSPIM
Seoul=Newspim reporter Kim Min-ji =Seoul Mayor Oh Se-hoon will take comprehensive measures to protect the livelihood of Seoul Metropolitan Government at the briefing room of Seoul City Hall in Jung-gu, Seoul on the morning of the 12th.It’s on the table. 20220112 KimKim
newspimcomThe social fund has been raised with the private sector since 2013, the late Park Won-soon’s term as mayor, to support social economy companies and create social values such as creating jobs for vulnerable groups, and this year’s size is 16.61 billion won and 1.54 billion won will be invested in non-loan projects, respectively.
The city’s establishment of a new sanctions clause for stakeholders is part of the Seoul Metropolitan Government’s Baro project under Mayor Oh’s push.Mayor Oh declared the withdrawal of ineligible civic groups through the reorganization of private consignment projects, pointing out that some social funds were abnormally operated, claiming that 4 billion won was wasted during his predecessor’s tenure in the name of consignment.
The newly established sanctions clause is specific. First of all, the stakeholders were subdivided into representatives of the executive agency
and auditors of outside directors from ambiguous expressions of existing and close stakeholders.
The criteria for conflict of interest are ▲ the case of serving as a representative or director of a refinancing company, etc., ▲ the case of holding more than 50 shares of the refinancing company, etc.
In other words, if an outside director auditor, etc., the representative of an organization selected as a performing organization of social funds, wants to invest in an institution where he or she is serving as a representative or director or holds more than 50 shares, he or she will be sanctioned.He also clearly summarized the sanctions. If the above violations are detected, the city terminates the agreement of the performing agency, recovers the balance of the loan right, and applies additional disadvantages such as returning project subsidies, and participation in future social fund projects is also restricted.
These sanctions will be applied from the announcement of recruitment of
executive agencies in 2022, which has been in progress since the 7th.
A clause will be added to the credit transaction agreement signed with the finally selected executive agency that immediately terminates the agreement and repays the entire bond balance if it is confirmed that its representative, social director auditor, etc., is serving as a representative or director.
With the establishment of the new sanctions clause for stakeholders, the controversy over
blocking civic groups is also expected to escalate.In particular, in the case of society now, it is inevitable to incur costs such as operating and labor costs as it is operated through private consignment. This is why Mayor Oh’s claim that it is unreasonable to waste taxes and expenses is
A city official said, “It reflects the fact that the sanctions clause is not clear when
concept and moral hazard to stakeholders occur in the operation of social funds,” adding, “It is not just part of the establishment
Yuqi project, but a decision to operate the social fund more transparently.”peterbreak22
newspimcom
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