Ministry of Land, Infrastructure and Transport Conducts Full Investigation of LH Employees' Speculation in Gwangmyeong-Siheung "Strict Action if Illegal"

[Image source=Yonhap News]

[Asia Economy Reporter Jo Gang-wook] The Ministry of Land, Infrastructure and Transport announced on the 2nd that it will thoroughly investigate the allegations of preemptive speculation worth around 10 billion KRW by employees of Korea Land and Housing Corporation (LH) in the Gwangmyeong-Siheung district to uncover the truth.

A Ministry official stated, "Regarding the suspicion that about 10 LH employees recently purchased land in the ‘Gwangmyeong Siheung’ area, which was designated as a 3rd phase new town, we plan to verify the facts through a full-scale investigation."

The Ministry will first investigate the facts by cross-checking the list of landowners in ‘Gwangmyeong Siheung’ with LH employees and determine whether there is any work-related connection.

The Ministry added, "We will thoroughly investigate the speculation allegations involving LH employees related to the Gwangmyeong Siheung new town, and if any illegal activities are found, we will respond strictly by requesting investigations or filing complaints and accusations."

LH has also begun its own investigation to ascertain the facts.

An LH official said, "Regarding the development of the Gwangmyeong Siheung new town, we are currently verifying the facts concerning allegations that corporation employees used internal information to purchase land," and added, "If related agencies conduct investigations in the future, we will actively cooperate."

The Lawyers for a Democratic Society (Minbyun) and the People's Solidarity for Participatory Democracy (PSPD) held a press conference that morning and announced that they had received reports at Minbyun’s Public Interest Committee that LH employees purchased land in the Gwangmyeong Siheung district for speculative purposes, and upon verification, confirmed the purchase circumstances.

The total actual transaction amount of the land they purchased reaches 9,945,120,000 KRW. A significant portion of this amount appears to have been financed through loans (approximately 5.8 billion KRW).

The Gwangmyeong Siheung district, announced by the government on the 24th of last month as a candidate site for a new town, is planned to have 70,000 housing units on a 12.71 million square meter site, making it the largest among the 3rd phase new towns.

Meanwhile, the Public Housing Special Act stipulates that anyone who uses information learned during work for purposes other than intended, or provides or leaks it to others, shall be punished by imprisonment for up to five years or a fine of up to 50 million KRW.

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