KRA faces “punitive measures” for “malpractice”

On a bad Monday morning for the Korea Racing Authority (KRA), the state auditor named it as one of seven public companies out of thirty one inspected that will face punishment for various wrongdoings. The KRA’s alleged offence appears to have been to declare overtime work payments as “basic fees” thereby paying its employees too much. The announcement has intensified calls in some parts of the media for the KRA along with the other public companies (including the Korea Coal and Oil Corporations) to be privatised, as well as speculation that executives in the companies – who are appointed by the government may be replaced after the April 9 National Assembly elections. See articles here and here.

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