Jeon Hyun-hee: Confirming the Legislative Task of the Conflict of Interest Prevention Act in the Era of the "LH Incident"

'2021 2nd Integrity Society Public-Private Council Meeting' Held

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission, stated on the 11th, "It has been confirmed that the enactment of the 'Public Officials Conflict of Interest Prevention Act' is a timely task through incidents such as the Korea Land and Housing Corporation (LH) scandal, so its enactment should not be delayed."

Chairperson Jeon made these remarks at the 2nd Integrity Society Public-Private Council held at the Korea Press Center on the same day. She said, "Through the recent LH incident, it has been confirmed that the enactment of the Conflict of Interest Prevention Act, which can effectively manage and control the pursuit of private interests using public office, is a timely task that can no longer be postponed. The Anti-Corruption Commission will do its best for prompt legislation."

The council demanded a thorough investigation into allegations of real estate speculation by LH employees and others, and adopted a resolution urging the National Assembly to promptly legislate the Conflict of Interest Prevention Act. It was judged that the enactment of this law is essential to fundamentally prevent public officials from using non-public information obtained through their duties for private gains such as real estate speculation.

Under the Conflict of Interest Prevention Act, acts such as real estate transactions by LH employees must be reported in advance and the officials must recuse themselves from the relevant duties. This means that compliance with the law can prevent conflict of interest situations. Furthermore, if it is recognized that someone has used confidential information obtained through their duties to gain property or financial benefits, such benefits will be confiscated or recovered, and penalties such as imprisonment for up to seven years or fines up to 70 million won will be imposed.

The council also shared the effects of the amendment to the Enforcement Decree of the Improper Solicitation and Graft Act, which raised the gift value limit for agricultural and marine products and processed goods from 100,000 won to 200,000 won for public officials during the Lunar New Year holiday period. According to a survey by the Ministry of Agriculture, Food and Rural Affairs, from January 4th to the 14th of last month, sales of agricultural food gifts at 14 major distribution channels including department stores, large marts, home shopping, and online malls increased by 19.3% compared to the previous year.

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