LH Conducts Audit on Employee Known as 'Top Land Auction Instructor' "Disposition Based on Results"

by Jo Kangwook

Published 04 Mar.2021 11:54(KST)

[Image source=Yonhap News]

[Asia Economy Reporter Jo Gang-wook] A current employee of Korea Land and Housing Corporation (LH), embroiled in a land speculation scandal involving new town land worth billions of won, has been found to have engaged in profit-making activities by giving lectures on land auctions. LH is conducting an internal audit regarding the employee's concurrent employment activities.

LH announced on the 4th that it is conducting an internal audit on the employee's concurrent employment activities and plans to complete the investigation within this week.

An LH official stated, "We plan to complete face-to-face investigations with the related parties and those around them within this week to confirm the final facts," adding, "Since the audit is still ongoing, no decision has been made regarding personnel measures."

According to LH and related industries, Mr. Oh, in his 40s, who works at the Uijeongbu Project Team of the Seoul Regional Headquarters, has been under audit since the end of January for giving lectures on land and public auctions through a paid website that offers real estate investment lectures.

Mr. Oh used a pseudonym instead of his real name and promoted himself as "Korea's No. 1 Land Instructor" and "Top Land Auction/Auction Instructor (No. 1 in sales)." He also introduced himself by saying, "The start of stable investment is land investment," and "With 18 years of experience in real estate investment companies, I understood land and proceeded with numerous profit realizations and investments related to land."

The ‘Basic Land Course’ promoted by Mr. Oh was a five-month program with a tuition fee reaching 230,000 won. Additionally, Mr. Oh appeared as a panelist on YouTube several times to explain his investment experiences. It was confirmed that Mr. Oh had previously worked on land compensation tasks at LH.