Launch of LH Compliance Oversight Committee... Strengthening External Monitoring of Employee Speculation

Chairman Appointed: Lee Sang-hak, Co-Representative of Korea Transparency Organization

Kim Hyun-jun, President of LH (fourth from the left), Lee Ji-moon, Chairman of the Korea Integrity Movement Headquarters, Lee Jae-hwa, Chief Attorney of Jinsung Law Firm, Lee Sang-hak, Chairman of the Compliance Oversight Committee, Shin Eun-jung, Professor at Konkuk University, and Park Byung-kyu, Chief Attorney of Iro Law Firm (from the left) are posing for a commemorative photo. (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH), which sparked controversy over employees' speculation on new town land, has launched a 'Compliance Oversight Committee.'

The Compliance Oversight Committee strengthens external monitoring of employees' land transactions and speculative activities, and ensures fairness and objectivity in the investigation and handling of employees' illegal acts.

LH announced on the 14th that it had launched the Compliance Oversight Committee and held its first meeting. The organization consists of a total of nine members: three internal members and six external members.

The chairman is Lee Sang-hak, co-representative of the Korea Transparency Organization, and external members include Lee Ji-moon, chairman of the Korea Integrity Movement Headquarters, and Lee Jae-hwa, representative lawyer of the law firm Jinseong. Internal members include the head of LH's legal office, the director of the compensation planning department, and the head of the business management department in charge of the project district at headquarters.

LH appointed more than half of the committee members based on recommendations from civil society and academia, including the Korea Transparency Organization, the Korean Association for Corruption Studies, and the Korean Bar Association. The Compliance Oversight Committee will decide on matters such as △the appropriateness of employees' real estate transactions △whether employees' families receive preferential compensation from project implementers △and the level of disciplinary action for employees' speculative activities.

In addition, to block speculation using development project information, the committee will investigate employees' land holdings before proposing the designation of project districts, and if suspicious speculation is found, it will decide whether to propose the designation through the committee's deliberation.

Kim Hyun-jun, president of LH, said, "We will root out corruption such as real estate speculation and take strict measures, and ensure that LH becomes a clean and dignified organization loved and trusted by the public."

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