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A Comparative Study on Supervision & Control System in PFI between Korea and Japan - Including Establishment of Management Agency after Ending of Project -

  • Public Land Law Review
  • Abbr : KPLLR
  • 2019, 87(), pp.81-110
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law
  • Received : July 31, 2019
  • Accepted : August 20, 2019
  • Published : August 27, 2019

Hwang Jihye 1

1한양대학교 법학연구소

Accredited

ABSTRACT

Private Finance Initiative(PFI) in Korea, has many problems. These problems can be summerized in three ways: ① high SOC (Social Overhead Capital) fee comparing to SOC fee managed by the state, ② lack of transparency, ③ heavy financial burden through the Minimum Revenue Guarantee(MRG). These problems are caused by uneffective PFI project supervision & control. To solve these problems, the writer suggests solutions through comparative study between Korea and Japan. Also the writer suggests, for the stable PFI project, establishment of the management agency after PFI project ended. For the effective solution for PFI project supervision & control, the following three ways can be considered: ① division of responsibility for SOC users(including people living near SOC) between public sector and private sector, ② demand for public sector to revise PFI contract, ③ Right of Termination of PFI contract for public interest. In Korea, private sector has the responsibility for SOC users(including people living near SOC), On the contrary, in Japan, public sector has the initial responsibility for SOC users(including people living near SOC), then public sector can claim against private sector later. In Korea, “demand for public sector to revise PFI contract” and “Right of Termination of PFI contract for public interest” are legislated in “Act of PFI" and “Act of Toll Road”. On the contrary, in Japan, there are no legislation about “demand for public sector to revise PFI contract”(“Right of Termination of PFI contract for public interest” is legislated). But Japan has some cases which can be considered for future arrangement of legal institution of PFI. The management agency after PFI project ended can be considered in three ways: ① the states(Re-nationalization), ② private sector(PFI), ③ public-private partnership(PPP). Manage SOC by the states is uneffective solution because this solution need a lot of national finance. Management of SOC by public-private partnership(PPP) is also uneffective solution because this solution has same problem with PFI. For this reason, the writer considers improvement of project supervision & control as main task for maintaining PFI.

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