Yang Hyang-ja: "Recover Speculative Profits from LH through Special Act... Considering Retroactive Application"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Yang Hyang-ja, Supreme Council Member of the Democratic Party of Korea (photo), stated on the 6th regarding the land speculation allegations involving employees of Korea Land and Housing Corporation (LH), "We will create a special law to recover the (profits). I will stake the fate of the administration on this."

On the same day, through Facebook, Yang said, "The land speculation allegations involving LH employees are rapidly escalating. Reports continue that politicians and local government officials have been purchasing land regardless of region," adding, "It is devastating. I apologize to the public who are angry over this incident."

The Democratic Party decided on the 5th to conduct a full investigation into whether party-affiliated lawmakers, their aides, local government heads, and their families have engaged in land transactions in new towns related to this allegation.

Yang stated, "As President Moon Jae-in said, investigations and punishments will be carried out strongly without any sanctuary. The government and ruling party will stake the fate of the administration on resolving this issue," adding, "We will eradicate the moral decay in the public service by using all means allowed by law, as well as unimaginable methods if necessary."

He continued, "If necessary, we will enact a special law to recover confirmed speculative profits into the national treasury. We will not avoid retroactive application."

He also said, "A voluntary reporting period is necessary. Those who report within the period will not be held responsible but must forfeit speculative profits," adding, "However, those found to have speculated after the period must bear the maximum responsibility allowed by law. We will establish the solemnity of morality in the public service not by punishing one to warn a hundred (Ilbeolbaegye), but by punishing one to warn a thousand (Ilbeolchun-gye) and by punishing one to warn all (Ilbeolmangye)."

Yang concluded, "We will do everything possible until the public’s anger is completely resolved."

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