Prime Minister Chung Presides Over Cabinet Meeting, Reviews 3-Month Extension of Sale Price Ceiling System and Expansion of Inspection Targets

Prime Minister Jeong Sye-kyun (Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] The grace period for the private land price ceiling system for redevelopment projects will be extended by three months, from June 28 to July 28. Additionally, the scope of review will be expanded to respond more strictly to misconduct by high-ranking officials affiliated with the Ministry of Justice and the Prosecutor's Office.

On the 21st, the government plans to hold a Cabinet meeting at the Government Seoul Office, chaired by Prime Minister Chung Sye-kyun, to deliberate and approve 23 presidential decree drafts, including the "Partial Amendment to the Enforcement Decree of the Housing Act" and the "Amendment to the Regulations of the Ministry of Justice Inspection Committee," as well as three general agenda items.

First, the amendment to the Enforcement Decree of the Housing Act primarily aims to postpone the price ceiling system for an additional three months. This measure is intended to prevent the spread of the novel coronavirus (COVID-19) by avoiding large gatherings at general meetings of reconstruction and redevelopment maintenance associations.

Last October, the government announced the implementation of the price ceiling system and decided to grant a six-month grace period for complexes that had received approval for management disposition plans related to reconstruction and other maintenance projects. Due to the COVID-19 situation, an additional three months of grace period will be granted.

Furthermore, the amendment to the "Regulations of the Ministry of Justice Inspection Committee," which handles misconduct by Ministry of Justice employees including prosecutors, will be approved. This amendment increases the participation of external members in the inspection committee from at least half to at least two-thirds of the total members and expands the scope of cases reviewed from officials at grade 3 or higher to those at grade 5 or higher.

In addition, the "Enforcement Decree of the Act on the Promotion and Foundation of Drone Utilization" is expected to pass, mandating the establishment of a five-year "Basic Plan for the Promotion and Development of the Drone Industry" to foster the drone industry.

The decree also includes provisions to conduct an annual survey on the overall drone industry and to designate and operate special drone free zones to promote the practical application and commercialization of drone systems.

Moreover, the "Partial Amendment to the Organization Regulations of the Anti-Corruption and Civil Rights Commission and Its Affiliated Agencies," which establishes a dedicated department within the Anti-Corruption and Civil Rights Commission to operate the "Public Finance Recovery System"?which recovers the full amount of fraudulent or excessive claims for various government subsidies and imposes penalties up to five times the amount of illicit gains?will also be deliberated.

This content was produced with the assistance of AI translation services.