Government: "20 LH Suspected Speculators to Face Swift Forced Disposal of Farmland... Blocking Unfair Profits" (Update)
Choi Chang-won, Head of the Government Joint Investigation Team, Briefing
Choi Chang-won, First Deputy Minister of the Office for Government Policy Coordination Photo by Yonhap News
View original image[Sejong=Asia Economy Reporter Son Seon-hee] The government announced that it will promptly proceed with the forced disposal of farmland for 20 employees of the Korea Land and Housing Corporation (LH) confirmed to have engaged in land transactions in the 3rd phase new town districts.
Choi Chang-won, head of the Government Joint Investigation Team at the Office for Government Policy Coordination (First Vice Minister of State Affairs), held a 'Meeting of Relevant Ministries on Follow-up Measures for the LH Incident' at the Government Complex Seoul in the afternoon and stated in a related briefing, "We will apply a zero-tolerance principle to those suspected of LH speculation and ensure that no unfair profits can be gained from this speculation."
Regarding the 20 suspected speculators identified in the first investigation by the joint task force, the government plans to form a joint investigation team led by the Ministry of Agriculture, Food and Rural Affairs along with local governments and related agencies to conduct a special investigation of the relevant land starting from the 18th. The Ministry of Agriculture, Food and Rural Affairs will organize the investigation team and begin preliminary investigations within the day.
Furthermore, to prevent unfair gains from going to the suspected speculators, the government announced it will apply strict compensation standards. For the land owned by these individuals, appraisal will be conducted more rigorously, and compensation for abnormal crop planting will not be recognized.
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Investigation team leader Choi said, "We will also strictly examine LH employees’ agricultural activities and actual residence status, and based on the facts, exclude them from agricultural loss compensation and relocation compensation." He added, "The government will swiftly prepare measures to eradicate speculation, prevent recurrence, and innovate LH, alongside conducting investigations and follow-up actions against suspected LH speculators."
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