Assemblyman Jo O-seop Proposes 'Three Acts to Eradicate Real Estate Speculation by Public Officials'

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Assemblyman Jo O-seop (The Democratic Party of Korea·Gwangju Buk-gu Gap) has introduced the “Three Acts to Eradicate Real Estate Speculation by Public Officials” to prevent recurrence of misconduct such as real estate speculation by LH executives and employees in new towns.

The “Three Acts to Eradicate Real Estate Speculation by Public Officials” proposed by Assemblyman Jo are amendments to the Public Officials Ethics Act, the Special Act on Public Housing, and the Korea Land and Housing Corporation Act.

The amendments aim to prevent speculative acts in which executives and employees of public housing developers use confidential information obtained through their position or duties to unlawfully increase their assets, and to impose punitive sanctions if such acts are detected.

According to the amendment to the Public Officials Ethics Act, executives and employees of public housing developers at or above the rank prescribed by Presidential Decree will be required to register their assets. If they gain financial benefits by using confidential information obtained through their duties, they will be subject to imprisonment for at least one year or a fine up to three to five times the amount of the benefit or avoided loss, and the assets acquired through such acts will be confiscated.

The amendment to the Special Act on Public Housing imposes an obligation on executives and employees of public housing developers and their relatives to submit real estate transaction records within designated housing districts for a certain period retroactively calculated from the date of designation or change of the housing district to the Minister of Land, Infrastructure and Transport.

The amendment to the Korea Land and Housing Corporation Act requires LH to investigate the real estate transaction records of its executives, employees, and relatives within a certain scope annually and to disclose transactions related to public housing districts or specially managed areas.

Assemblyman Jo said, “Since 20 suspected speculators were identified in the government’s first joint investigation of LH new towns, additional investigations should be used as a signal to eradicate administrative corruption, showing that corrupt public officials will be ruined,” and added, “I proposed these amendments to establish legal and institutional measures to correct the long-standing and wrong ‘practices’ and ‘insensitivity’ in the public service.”

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