Up to Life Imprisonment for Real Estate Speculation Using Public Official Information... Public Housing Special Act Amendment Passed by National Assembly

Speaker of the National Assembly Park Byeong-seok is presiding over the plenary session held at the National Assembly on the 24th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] A bill imposing a maximum life sentence for public officials who engage in real estate speculation using undisclosed information obtained during their duties passed the National Assembly on the 24th.

On the same day, the ruling and opposition parties held a plenary session and approved an amendment to the Special Act on Public Housing, which strengthens penalties for public officials who inappropriately use undisclosed information related to land development. The bill stipulates that using undisclosed information for real estate transactions or providing or leaking it to others will result in imprisonment for up to five years or a fine of three to five times the speculative gains. If the speculative gains or avoided losses exceed 5 billion won, the sentence can be increased up to a maximum life imprisonment.

The National Assembly also passed an amendment to the Korea Land and Housing Corporation Act, which prohibits employees and retirees within ten years of the Korea Land and Housing Corporation (LH) from using undisclosed information related to their duties for real estate transactions. According to the amendment, any profits gained from such violations will be subject to confiscation or recovery.

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