Yeo: "Corruption Confirmed in LH Employees' Land Speculation... Must Undergo Surgery at the Level of Dissolution"

Yoo Seung-min "Public Development Faces Risk of Public Corruption"

[Asia Economy Reporter Naju-seok] As allegations of land speculation by employees of Korea Land and Housing Corporation (LH) have surfaced, opposition parties have called for the dissolution or a complete overhaul of the organization.

On the 10th, former People Power Party lawmaker Yoo Seung-min stated on social media (SNS), "LH employees knowing information before the announcement of new towns and engaging in land speculation is precisely 'public corruption by abusing public position for private gain,'" adding, "This incident is not merely an individual deviation but a structural issue where public corruption is inevitable. Public-led development is the main culprit."

[Image source=Yonhap News]

Former lawmaker Yoo said, "Public-led development is planned by the Ministry of Land, Infrastructure and Transport (MOLIT) and executed by LH," and "Both the planning body MOLIT and the executing body LH monopolize all information from the start," pointing out, "Unless MOLIT and LH are composed solely of completely honest people, the temptation to sneak information monopolized for private gain is widespread."

He added, "When MOLIT and LH monopolize project rights and information and have discretionary power to manipulate development plans at will without taking responsibility, it creates a breeding ground for corruption," and argued, "The solution is to leave it to market competition."

He continued, "MOLIT and LH should focus on housing welfare for low-income households without homes," and said, "LH should be reorganized into a Housing Welfare Corporation, withdrawing from development tasks and taking responsibility for housing welfare."

Hong Kyung-hee, senior deputy spokesperson of the People's Party, also commented, "Through this incident, the public has witnessed the true nature of LH," stating, "It has been revealed that from lower-level employees to executives, many are involved in speculation. Their paralyzed ethical consciousness and contaminated integrity have caused LH to lose its reason for existence as a public enterprise. The only way for the rotten LH, from head to toe, to restore its public nature is a major surgery at the level of organizational dissolution."

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