People's Solidarity for Participatory Democracy and Minbyun call for investigation and audit on LH new town speculation

[Asia Economy Reporter Lim Chun-han] As the government announced measures on the 7th to prevent the recurrence of speculative activities by Korea Land and Housing Corporation (LH) employees in new towns, the People's Solidarity for Participatory Democracy and the Lawyers for a Democratic Society (Minbyun), who publicized the allegations, insisted on the need for compulsory investigations and audits by the Board of Audit and Inspection.

In their statement, they said, "(The government's) measures remain abstract," emphasizing that "alongside the government joint investigation team’s inquiry, compulsory investigations by investigative agencies or audits by the Board of Audit and Inspection must be conducted in parallel, and definite recovery actions must be taken against LH employees’ speculative activities in the 3rd new towns." They also pointed out, "There is significant suspicion that the government’s self-investigation into whether confidential information was used or speculation occurred is a lenient and passive investigation protecting their own members."

They further stated, "Cases have also been confirmed where agricultural corporations or private individuals in the 3rd new town areas and surrounding regions falsified farmland acquisition qualification certificates, violating the Farmland Act," adding, "Appropriate punishment and investigation are necessary."

On the same day, the government held a real estate market-related ministers’ meeting attended by Hong Nam-ki, Minister of Economy and Finance; Byun Chang-heum, Minister of Land, Infrastructure and Transport; Koo Yun-cheol, Director of the Office for Government Policy Coordination; and Kim Dae-ji, Commissioner of the National Tax Service, announcing that "if real estate speculation by LH employees is confirmed, they will request investigations and impose zero-tolerance disciplinary actions."

The joint investigation team, consisting of the Office for Government Policy Coordination, Ministry of Land, Infrastructure and Transport, Ministry of the Interior and Safety, National Police Agency, Gyeonggi Province, and Incheon City, plans to conduct a full investigation of eight sites: six 3rd new towns (Gwangmyeong Siheung, Namyangju Wangsuk, Hanam Gyosan, Incheon Gyeyang, Goyang Changneung, Bucheon Daejang) and two large-scale housing sites exceeding 1 million square meters (Gwacheon Gwacheon District and Ansan Jangsang District). The investigation will cover land transaction records of employees and their spouses and direct relatives who have worked in related agencies or departments from five years before the site announcement to the present.

The People's Solidarity for Participatory Democracy and Minbyun are investigating and reviewing reports from citizens received through various channels following their press conference on the 2nd regarding speculation allegations in the Gwangmyeong and Siheung new towns. A representative from the People's Solidarity for Participatory Democracy explained, "Although many reports lack specifics, dozens have been received nationwide."

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