Assemblyman Jo O-seop: "'Three Acts to Eradicate Public Officials' Real Estate Speculation' Passed by the National Assembly"

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Representative Oh Seop Jo (The Democratic Party of Korea, Gwangju Buk-gu Gap) introduced the "Three Acts to Eradicate Real Estate Speculation by Public Officials," which passed the National Assembly plenary session on the 24th.

The recently passed partial amendment to the Special Act on Public Housing is a consolidated and coordinated alternative bill that includes the bill introduced by Representative Jo. Fourteen lawmakers each introduced the bill as representatives.

This bill prohibits persons who received non-public information related to the designation of housing districts from employees of public housing project operators or those who acquired such information by unfair means from using that information to trade real estate or providing or leaking it to others.

Additionally, the Minister of Land, Infrastructure and Transport will conduct regular annual investigations into violations, strengthen statutory penalties for leaking or using non-public information for purposes other than intended, and include provisions to confiscate or recover property or financial gains derived from crimes.

The partial amendment to the Korea Land and Housing Corporation Act is also a consolidated and coordinated alternative bill introduced by ten lawmakers, including Representative Jo.

It prohibits employees and retirees within ten years of the corporation from using non-public information related to the corporation’s work for real estate transactions and strengthens statutory penalties for violations.

Furthermore, the Minister of Land, Infrastructure and Transport is required to conduct regular investigations into employees’ housing and land transaction records using real estate information systems.

Along with this, the partial amendment to the Public Officials Ethics Act, reviewed by the Public Administration and Security Committee, is a consolidated and coordinated alternative bill introduced by eight lawmakers including Representative Jo, which also passed the plenary session on the same day.

It requires employees of public-related organizations handling real estate-related work or information, such as LH, to register their assets and allows restrictions on acquiring new properties in related work areas and jurisdictions for registrants and their stakeholders.

Representative Jo stated, “Along with the real estate speculation scandal involving LH employees, recent issues such as the self-compensation privilege in the Naegok District and the LCT sale privilege allegations have emerged as serious social problems of real estate speculation. The Democratic Party of Korea will take the lead in restoring public trust through swift legislation to prevent recurrence.”

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