Opposition Targets "The Higher-Ups" in Ruling Power... Ruling Party Counters with Full Lawmaker Survey

LH Real Estate Speculation Allegations Spread, Joint Government Investigation Team and Blue House to Announce Results Separately on the Afternoon of the 11th

[Asia Economy Reporters Ryu Jeong-min, Lee Hyun-joo, Jeon Jin-young] As suspicions have spread comprehensively that ruling party members, Blue House, government, local governments, and public institution employees engaged in real estate speculation using information accessible only to themselves, public opinion is boiling over, revealing the so-called ‘bare face of the living power.’

Depending on future investigation and prosecution results, it is also difficult to rule out the possibility that misconduct by prominent opposition figures may be revealed. However, when the government and Blue House announce the results of the first full-scale investigation into the 3rd New Town speculation allegations on the 11th, criticism of the current ruling power will inevitably be the main focus for the time being.

[Image source=Yonhap News]

◆ Ministry of Land, Infrastructure and Transport, LH, and Blue House disclose 1st 'full-scale investigation' results = The joint investigation team of the Blue House and government will announce the results of the first full-scale investigation into the 3rd New Town speculation allegations targeting senior officials at the secretary level and above, as well as employees of the Ministry of Land, Infrastructure and Transport and LH, at 2:30 p.m. on the same day.

The Blue House will disclose real estate transaction details of the officials at the secretary level and above, their spouses, and immediate family members. The government’s target includes about 14,500 people, including approximately 4,500 from the Ministry of Land, Infrastructure and Transport and about 9,900 from LH. If speculation allegations exceeding expectations are found in this announcement, it is expected to lead to a mammoth aftershock. Conversely, if suspicious cases fall below expectations, it may lead to controversy over a ‘poor investigation.’

The spark of LH speculation allegations is already rapidly spreading to the ruling party side. First, lawmakers Yang Yi-won-young, Kim Kyung-man, and Yang Hyang-ja are under suspicion. Lawmaker Yang Yi-won-young’s mother purchased land near the Gwangmyeong 3rd New Town site in 2019.

Lawmaker Kim’s spouse is suspected of ‘split purchases’ by acquiring land near the Siheung 3rd New Town site twice, in 2016 and 2018. Lawmaker Yang is found to own land adjacent to the new housing development district in Hwaseong City.

[Image source=Yonhap News]

◆ Opposition: "Revealed suspicions are just the tip of the iceberg" total offensive = Thirty-three first-term lawmakers of the People Power Party issued a statement on the same day urging the ruling party lawmakers to explain the speculation allegations. Lawmaker Kim Young-sik claimed, "On the Blind platform, presumed to be used by LH employees, there are continuous revelations that Democratic Party lawmakers requested development information and made speculative profits."

The People Power Party is also receiving corruption reports at the central party level. Lawmaker Kim Eun-hye, a member of the People Power Party’s Special Committee on Real Estate Speculation Investigation, said, "Numerous reports are coming in daily," and plans to announce the investigation results soon.

People Power Party’s Seoul mayoral candidate Ahn Cheol-soo also emphasized that the LH incident is a kind of ‘regime corruption,’ saying, "It is becoming clear that this regime is a corrupt force." He criticized harshly, saying, "Not only LH employee corruption but also speculation allegations involving ruling party lawmakers’ families have emerged, but what has been revealed is just the tip of the iceberg," and "The opposition must unite to eradicate the ‘parasites’ who suck the blood and sweat of the people."

However, the aftershocks surrounding new town real estate speculation may also spread to the opposition side. On the Blue House’s national petition website, opinions have been posted calling for investigations into members of the National Assembly’s Land, Infrastructure and Transport Committee. Jin Seong-jun, a member of the committee from the Democratic Party of Korea, said, "The land owned by the lawmakers themselves will not be insignificant."

[Image source=Yonhap News]

◆ Ruling party counters with ‘full-scale investigation of lawmakers’ = As the ‘new town real estate speculation’ allegations spread to the ruling party and government, the ruling party is making every effort to defend itself by proposing a ‘full-scale investigation of lawmakers.’

Kim Tae-nyeon, acting leader and floor leader of the Democratic Party of Korea, said at a press briefing on the 11th, "Only an investigation without sanctuary and punishment without exception can prevent public officials’ speculation," and "The Democratic Party proposes a full-scale investigation of all 300 lawmakers to the Speaker of the National Assembly and the People Power Party. To clean the lower stream, the upper stream must be purified." Upon hearing this, Kim Jong-in, emergency committee chairman of the People Power Party, immediately responded, "Let’s do it once. All 300."

Park Young-sun, Democratic Party’s Seoul mayoral candidate, also promised that if elected mayor, she would immediately conduct a full-scale investigation of places handling high-level development information, such as within Seoul city and the Seoul Housing and Communities Corporation (SH). She said, "I can respond more firmly than anyone else to prevent various noises from the housing-related departments," and "If elected mayor, I will start the full-scale investigation immediately."

Separately, the Democratic Party is also politicizing the issue by re-highlighting the preferential sale allegations of the LCT, a residential-commercial complex building in Haeundae, Busan. While the LH incident is indeed a ‘major misconduct case’ that occurred under the current government, the party intends to emphasize that its root lies in deeply ingrained social practices.

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