Lee Nak-yeon "Will Put an End to Real Estate Crimes"... Retroactive Application of Profit Recovery through Special Law

Mention of Retroactive Application Precedents Such as the Pro-Japanese Property Accrual Act and the Special Act on Confiscation of Corrupt Property
Implementation of Mandatory Asset Registration for All Public Officials

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] On the 27th, Lee Nak-yeon, the Standing Election Committee Chair of the Democratic Party of Korea, announced plans to push for a revision of the 'Korea Land and Housing Corporation (LH) Prevention 5 Acts' that lack retroactive application clauses. This aims to strengthen punishment for those who have gained unfair profits through real estate speculation.

On the same day, Lee referred to the amendments to the Korea Land and Housing Corporation Act and the Special Act on Public Housing, which passed the National Assembly on the 24th, via social media (SNS), stating, "The clause applying retroactively to LH employees who caused this incident was not included. That decision did not fully reflect the public's will to thoroughly punish public officials' wrongdoing." He added, "We will pursue measures to confiscate unfair profits by revising the law or enacting a special law."

He emphasized, "There are precedents for retroactive application such as the Pro-Japanese Property Confiscation Act, the Special Act on Confiscation of Corrupt Property, the Special Act on Confiscation of Illegal Political Funds, and the Act on Recovery of Profits from Specific Property Crimes," and said, "We will uphold the people's will through legislation."

Regarding the Public Officials Ethics Act, he said, "We must strengthen it to mandate asset registration for all public officials. I will encourage its re-amendment."

Additionally, he expressed his intention to ensure the Conflict of Interest Prevention Act for public officials, which was not passed in the March National Assembly, will be passed in the April session. "If the opposition party opposes, I will persuade them to pass it even if the Democratic Party has to do so alone," he stated.

He concluded by emphasizing, "We will put an end to real estate crimes that trample on the dreams and hopes of the people this time."

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