Choi Joong - kyung pledges to stabilize commodity prices , create jobs While defending himself against ethical suspicions at a parliamentary hearing Tuesday , President Lee Myung - bak ’ s economy minister - nominee pledged to focus on stabilizing commodity prices and creating more jobs once parliament approves his appointment . Choi Joong - kyung , who formerly served as senior presidential secretary for economic affairs , was grilled mainly over suspicions that his family was involved in speculative real estate investment and also evaded taxes on real estate rental income . The confirmation of Choi as minister of knowledge economy and Choung Byoung - gug as the minister of culture has drawn keen attention following the recent resignation of President Lee ’ s designate for top state auditor . Chung Tong - ki was forced to give up his candidacy over accusations of unjust money - making , allegedly using his former status as a senior prosecutor and close ties with the president . The matter dealt a blow to the Lee administration , which has two years left in office . “ The law does not stipulate that the landowner must cultivate the land himself , ” Choi told Tuesday ’ s parliamentary confirmation hearing , refuting an opposition lawmaker ’ s suspicion about his 1988 purchase of farmland in the central Daejeon region . Knowledge economy minister - nominee Choi Joong - kyung answers lawmakers ’ questions at a parliamentary confirmation hearing Tuesday . ( Yang Dong - chul / The Korea Herald ) Rep . Cho Jeong - sik of the main opposition Democratic Party suspected the minister - nominee of buying the land for speculative investment purposes , citing the fact that none of his family members lived close to or had taken part in cultivating the land . The land was later sold for state development , making Choi tens of millions of won in profit . While admitting he had hired another person to farm , the minister - nominee said , “ Under the 1996 farmland laws , cultivation by proxy is not illegal . “ I do not see what the problem is , ” he said . Also denying speculations about land his wife and in - laws purchased together in three other regions , Choi said he “ had not known anything . ” “ Since I began to work for the government , I left household finances fully upon the decision of my wife , ” he said . Before taking questions from lawmakers , the minister - nominee said he will “ make the utmost effort ” to overcome high fuel costs and escalating commodity prices . “ I will create a country where the youth no longer have to worry about getting jobs , ” he added . Despite the lingering suspicions that Choi failed to resolve Tuesday , he is likely to be approved as the new economy minister , especially as people consider speculative investment in real estate one of the easiest ways to make money and are thus somewhat generous on the issue . The National Assembly committees will hold an all - member meeting Wednesday to vote on whether to approve of Choi and Choung . Choi , 54 , is considered a veteran finance official with extensive expertise . He became vice finance minister in March 2008 but resigned four months later , taking responsibility for currency policy failures . Choi then served as Seoul ’ s ambassador to the Philippines until early 2010 . He also gained expertise in international finance by working at the World Bank between 2005 and 2008 . By Shin Hae - in ( hayney @ heraldm . com )