"Expansion to All Former Public Officials for Asset Registration" Anti-Corruption Policy Council Announces Measures to Eradicate Speculation on the 29th

[Asia Economy Reporter Oh Ju-yeon] The Democratic Party of Korea and the government held a high-level party-government council meeting on the 28th to broadly discuss measures to eradicate real estate speculation and prevent recurrence. At the meeting, they agreed on eradicating public officials' pursuit of private interests, such as real estate speculation by public sector workers exposed by the Korea Land and Housing Corporation (LH) scandal.

Choi In-ho, senior spokesperson of the Central Election Committee, stated, "The government has decided to finalize comprehensive and fundamental measures covering all stages of 'prevention → detection → punishment → recovery' of speculative acts and illegal/unfair activities in the real estate market at the urgent 'Fair Society Anti-Corruption Policy Council' on the 29th."

Specifically, they agreed to △expand property registration requirements to all public officials, △principally restrict new real estate acquisitions within work-related areas for public officials involved in real estate-related duties, △institutionalize conflict of interest prevention for public officials, △recover up to five times the unfair gains in cases of the four major market-disturbing acts, and △strengthen management measures such as introducing farmland acquisition review and special judicial police system.

Separately from the LH scandal, they explained that to ensure the steady implementation of existing housing supply measures, they will cooperate more closely to expedite the passage of bills related to the 2·4 supply plan, including the Urban Renewal Act and the Urban Regeneration Act.

Senior spokesperson Choi said, "We urged the government to carry out follow-up measures such as revising subordinate laws and improving systems without delay to ensure the systematic enforcement of the Public Officials Ethics Act, LH Act, and Special Act on Public Housing, which were passed in the March National Assembly to eradicate real estate speculation and prevent recurrence."

To establish the legal basis for this speculation eradication and recurrence prevention plan, they agreed to closely cooperate with the government to ensure the smooth revision of additional legislative requirements such as the Conflict of Interest Prevention Act for public officials, Real Estate Transaction Act, and Farmland Act.

They also emphasized that the LH scandal was caused by structural problems such as function monopoly, organizational bloating, and low ethical awareness since the 2009 merger of the Korea Housing Corporation and Korea Land Corporation, and that innovation measures for LH will be promoted.

Senior spokesperson Choi said, "While strongly establishing internal and external control devices such as property registration systems and new real estate acquisition restrictions for executives and employees, we will prepare strong yet most rational innovation measures regarding LH’s roles and functions, organization and personnel, and business structure under the principle that housing supply measures must be steadily implemented."

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