Public firms' debts jump during previous gov't

Major public companies saw their debts jump during the previous Lee Myung-bak administration as they were forced to undertake government-initiated construction and engineering projects, including a four-river refurbishment project, the state auditor said on June 12.

The combined debt of nine state corporations reached 284 trillion won (US$348 billion) at the end of 2011, up 121 percent from the end of 2007, according to the Board of Audit and Inspection.

The state corporations include Korea Electric Power Corporation, Korea Land & Housing Corporation, Korea Expressway Corporation, Korea National Oil Corporatipn and Korea Water Resources Corporation.

By Josephine Liu Yan Yee

AJP