Party and Government: "Up to 5x Fine and Life Imprisonment for Insider Trading"

28th, High-level Party-Government Meeting on Measures to Eradicate Speculation
Kim Tae-nyeon "Public Officials Including LH Restricted from Real Estate Transactions"
Jung Se-kyun "Party and Government Must Respond to People's Anger"

[Asia Economy Reporter Oh Ju-yeon] In the future, real estate transactions by public officials, including the Korea Land and Housing Corporation (LH), will be restricted, and fines of up to five times the amount will be imposed for real estate speculation using undisclosed information. In addition, the level of punishment will be strengthened to a maximum of life imprisonment.

At the high-level ruling party-government meeting held at the National Assembly on the 28th, measures to eradicate illegal real estate activities containing such content were announced.

In his opening remarks that day, Kim Tae-nyeon, Acting President of the Democratic Party of Korea, stated, "Public officials suspected of real estate speculation will be investigated without exception and severely punished," adding, "We will strengthen punishments so that public officials will not even dare to speculate on real estate in the future."

He also emphasized, "We will hold a one-point National Assembly session even in March to pass the Conflict of Interest Prevention Act."

Prime Minister Chung Sye-kyun also said in his opening remarks that day, "The ruling party and government gathered to hold final discussions ahead of measures to eradicate real estate speculation," adding, "The ruling party and government must respond to the public's anger. We will track down anyone involved in real estate speculation to the end."

He continued, "We will impose harsh punishments and recover unjust profits beyond that to prevent speculation from even being attempted."

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