Kim Tae-nyeon: "Regarding the LH Case, Direct Investigation Should Also Be Conducted if Crimes Subject to Prosecution Are Discovered"

Jung Sye-kyun "Will Consider All Options for LH Organizational Separation"

Kim Tae-nyeon, Acting Leader of the Democratic Party of Korea, is attending the Policy Coordination Meeting held at the National Assembly on the 18th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] Kim Tae-nyeon, Acting Leader of the Democratic Party of Korea, urged on the 19th that if necessary, the prosecution should also conduct direct investigations regarding the speculation controversy involving Korea Land and Housing Corporation (LH).

During a high-level party-government-civil service meeting held at the National Assembly that morning, Acting Leader Kim said, "Since the prosecution has established a cooperative system with the Government Joint Special Investigation Headquarters (Special Investigation Headquarters), I expect active cooperation."

He emphasized, "If crimes subject to investigation are discovered, I ask that direct investigations be conducted as well," adding, "As this is the first response where the prosecution and police cooperate under the adjustment of investigative authority, I hope they will take the lead in establishing new prosecution-police investigative relations and eradicating corruption."

Acting Leader Kim also stressed his commitment to legislative efforts to prevent the recurrence of LH speculation. He stated, "We will strongly push forward the five laws to eradicate real estate speculation with the nation's fate at stake," and added, "We will mandate property registration for public officials involved in real estate-related duties such as LH, and consider expanding property registration to all public officials including government employees, public institutions, and local governments in the future." He continued, "We will actively consider introducing a prior reporting system for real estate transactions, and if there are unfair profits, we will recover three to five times the acquisition gains," and said, "Since a significant portion of the land in the 3rd New Town purchased by LH employees has been revealed to be farmland, we will also push for amendments to the Farmland Act."

He further added, "We will strengthen farmland acquisition reviews and impose stricter penalties such as immediate disposal orders if illegal activities are found after farmland acquisition," and "We will establish a strong real estate supervisory organization like the Real Estate Transaction Analysis Institute to monitor the market and make illegal crackdowns a regular practice."

Prime Minister Chung Sye-kyun, who attended the meeting, also declared that LH reform would not be spared. Prime Minister Chung emphasized, "We will prevent excessive concentration of authority in LH and transform it into a transparent organization faithful to its original functions and roles," and said, "We will put all options regarding organizational separation on the table and carefully weigh the pros and cons."

He added, "The government intends to promptly resolve the LH incident while steadily pursuing the originally established supply plans such as the 2.4 Plan," and said, "We will proceed with follow-up measures without any setbacks in cooperation with related ministries."

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