Park Beom-gye "Prosecutors, Strictly Respond to Real Estate Speculation"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] Park Beom-gye, Minister of Justice, has ordered a strict response to real estate speculation activities. This measure follows allegations that current and former employees of Korea Land and Housing Corporation (LH) purchased real estate in the Gwangmyeong and Siheung new towns using insider information.

On the 5th, Minister Park instructed the Supreme Prosecutors' Office to designate dedicated prosecutors for real estate speculation crimes at each prosecution office and branch office to actively respond to illegal activities by real estate speculation groups and corruption crimes involving related parties.

He particularly emphasized the need to promptly and strictly handle police warrant applications and transferred cases, and to do their utmost to maintain prosecutions so that sentences commensurate with the severity of the crimes can be imposed. He also urged thorough recovery of criminal proceeds that incentivize real estate crimes. The Ministry of Justice stated, "Acts of pursuing private gain using insider information are serious corruption crimes that fundamentally undermine public trust in government policies, so all ministries must cooperate to respond strictly."

Earlier, the People's Solidarity for Participatory Democracy and the Lawyers for a Democratic Society filed a complaint with the police on the 2nd, alleging that 14 LH employees in the Seoul and Gyeonggi areas, along with their spouses and families, purchased about 10 plots of land worth approximately 10 billion won for speculative purposes before the area around Gwangmyeong and Siheung was designated as the 3rd new town. In response, Prime Minister Chung Sye-kyun has ordered the formation of a joint investigation team led by the first deputy chief of the Prime Minister's Office to conduct an investigation with relevant agencies.

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