[Summary] "Whenever Something Happens, It's Noisy" Controversy Over 'Brazen' Remarks by Some LH Employees

Supportive Remarks on New Town Site Speculation Allegations
"Is There a Law Prohibiting Employees from Real Estate Investment?"
"Even If Fired, Land Profits Exceed Lifetime Salary"
Mocked Protesting Citizens as "Gaekkul"
"Public Enterprise Employees Disrespecting Citizens," Outraged Public

On the 9th, the police conducted a search and seizure at the LH headquarters, which is under suspicion of land speculation. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Social outrage is growing over the brazen remarks made by some employees of Korea Land and Housing Corporation (LH) regarding allegations of land speculation in planned new towns. These employees have made statements seemingly defending speculation on online communities and messengers, and have even mocked protesting citizens, sparking controversy.

The allegations were first revealed on the 2nd by some civic groups including the Lawyers for a Democratic Society (Minbyun) and the People's Solidarity for Participatory Democracy. At a press conference that day, these civic groups raised suspicions that about ten LH employees engaged in pre-speculation worth approximately 10 billion KRW before the announcement of the designation of the 3rd new towns in Gwangmyeong and Siheung districts. Subsequently, on the 4th, a government joint investigation team centered around the Prime Minister's Office was formed and has currently begun a full-scale investigation.

Meanwhile, controversy erupted as some LH employees made remarks that appeared to defend the speculation allegations. On the 4th, one LH employee stated on 'Blind,' an anonymous community for office workers, "Is there a law that says LH employees cannot invest in real estate? Whether they speculated unfairly using insider information or invested based on their own study is a matter for the courts or prosecutors to decide."

Another employee expressed dissatisfaction, saying, "These days, with people borrowing to the hilt (yeongkkeul) to invest in real estate, among the 10,000 LH employees, some who bought land in Gwangmyeong might have just gotten lucky," adding, "Whenever something happens, it's always a fuss as if insider information was abused."

On the 8th, a KakaoTalk conversation presumed to be among LH employees was posted on the anonymous workplace community 'Blind'. / Photo by Blind capture

It has also been reported that some employees disclosed plans for speculation that violate employment regulations. According to a report by 'JTBC' on the 8th, LH Daegu-Gyeongbuk Regional Headquarters Land Sales Department employee A, who joined last year, sent a message on the company messenger saying, "Daegu Yeonho district will definitely rise, so I am preparing joint investments with my older brother's friends." LH employees are prohibited from purchasing land owned by LH under their own or immediate family members' names.

A explained the reason for attempting such speculation by saying, "Even if I get fired for this, the profit from the land will be much more than what I would earn from the company over my lifetime."

Meanwhile, there were also signs that individuals presumed to be LH employees mocked citizens protesting outside the LH headquarters in Jinju, Gyeongnam.

According to KakaoTalk messenger conversations disclosed on Blind that day, one employee posted a photo of citizens gathered in front of the LH Jinju headquarters' PR center and Land Housing Museum, and another employee said, "Our headquarters had a protest against redevelopment in Dongja-dong. But since it's on the 28th floor, we can't hear anything. It's awesome."

Given these circumstances, public outrage over the LH speculation allegations is intensifying. Netizens expressed their frustration with comments such as "They seem unaware of the seriousness of the situation," "The ethical standards of public enterprise employees are appalling," and "People who live off the country's salary are looking down on the citizens."

Prime Minister Chung Sye-kyun is receiving a report on the investigation related to allegations of speculative investment in new towns by employees of Korea Land and Housing Corporation (LH) from Nam Gu-jun, who was appointed as the first head of the National Investigation Headquarters, at his office in the Government Seoul Office Building on the 8th. / Photo by Yonhap News

Meanwhile, the government has ordered a thorough investigation into the LH employees' speculation allegations.

Prime Minister Chung Sye-kyun summoned Nam Gu-jun, the inaugural head of the National Investigation Headquarters at the National Police Agency, to the Prime Minister's Office in Seoul to receive a briefing on the 'Special Investigation Unit for Real Estate Speculation.' Afterward, he instructed, "Once the joint investigation team under the Prime Minister's Office reports the results, conduct a thorough investigation without delay to leave no room for even a shred of suspicion."

Prime Minister Chung stated, "The speculation allegations by LH employees and other public officials regarding new towns, which were created to stabilize housing for ordinary citizens, directly violate the founding spirit of the institution," and defined it as "an act of betrayal against the people."

He emphasized, "We must uncover this with a resolute determination and ruin the corrupt actors utterly."

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