李在明："忽视一山大桥高额通行费的国民年金，某些媒体煽风点火"

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province Governor Lee Jae-myung made pointed criticism of the National Pension Service, the sole shareholder of the Ilsan Bridge.

Governor Lee Jae-myung stated on the 27th through his social media: "As a public institution managing massive funds, if we exploit a superior position to reap exorbitant profits and make the people bear the damage, this is an unacceptable problem," opening fire on the National Pension Service.

He then enumerated the situation of the National Pension Service operating the Ilsan Bridge, saying: "Gyeonggi Province has repeatedly requested financial restructuring through briefing sessions and National Assembly forums. However, the National Pension Service insists on its position of refusing financial restructuring based on an implementation agreement from over a decade ago, refuses to meet, and avoids communication altogether," and also took aim at some media outlets, saying: "Furthermore, some media outlets do not hesitate to criticize the National Pension Service, claiming it is being attacked on political grounds."

Governor Lee concluded: "Roads are national infrastructure and undoubtedly public goods. Even if it were a private enterprise, if it imposed excessive burdens on the government and people through irrational operations, correction would be natural. Disappointingly, the National Pension Service's management of the Ilsan Bridge has lost both rationality and morality. I urge you to respond to Gyeonggi Province's requests at the earliest opportunity and fulfill at least your basic responsibilities."

The following is the full text of Gyeonggi Province Governor Lee Jae-myung's social media post.

<National Pension Service Ignores High Tolls on Ilsan Bridge, Some Media Adds Fuel to Fire>
There is no disagreement that the National Pension Service has a duty to contribute to the substantialization of pensions through rational investment. However, as a public institution managing massive funds, if it exploits its superior position to reap unacceptable exorbitant profits and makes the people bear the damage, this is an unacceptable issue.
The Ilsan Bridge is the only toll bridge among 27 bridges on the Han River, with toll rates per kilometer reaching 13.2 times those of publicly financed road projects. Vehicles commuting between Seoul and Gyeonggi Province's northwestern areas including Gimpo, Ilsan, and Paju—which are essentially one living sphere—cross the Ilsan Bridge two or three times daily, having to endure absurdly high tolls.
The National Pension Service is the sole shareholder of Ilsan Bridge Co., Ltd., and is also an investor providing fund borrowing in the form of self-lending. In this special situation where shareholder and lender are the same entity, the National Pension Service exploits unfair profits from high-priority borrowing rates (8%), making toll adjustments difficult. This interest rate standard dates to 2009 when the financial agreement was made, so adjustment based on current rates is necessary. Three-year corporate bond rates fell continuously from 4.7% in 2010 to 2.2% in 2020, and if funds were refinanced, much lower rates than 8% would be possible.
Beyond senior-priority loans, subordinated borrowing approaching 20% is also nothing less than a breach of fiduciary duty, with corporations deliberately paying high interest in an era of ultra-low rates. The ratio of actual traffic volume to estimated traffic volume is increasing (2009: 58.1% → 2019: 105%), and investment recovery funds received through tolls and Minimum Revenue Guarantee (MRG) have already exceeded construction costs. With residual book value under 100 billion won, at this rate, until the revenue guarantee period ends in 2038, income will be several times the invested capital, creating a structure of exorbitant profits beyond common sense. This is an immoral act of imposing high tolls on the people by exploiting revenue protection clauses.
Gyeonggi Province has repeatedly requested financial restructuring through briefing sessions and National Assembly forums. However, the National Pension Service maintains its position of refusing financial restructuring based on an implementation agreement from over a decade ago, refuses to meet, and avoids communication altogether. Moreover, some media outlets do not hesitate to criticize the National Pension Service, claiming it is being attacked on political grounds.
Roads are national infrastructure and undoubtedly public goods. Even if it were a private enterprise, if it imposed excessive burdens on the government and people through irrational operations, correction would be natural. Disappointingly, the National Pension Service's management of the Ilsan Bridge has lost both rationality and morality. I urge you to respond to Gyeonggi Province's requests at the earliest opportunity and fulfill at least your basic responsibilities.