LH Executive Suspended for Accepting Bribes to Purchase Unsold Housing Units

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] A senior official at Korea Land and Housing Corporation (LH) was suspended from duty after it was revealed that he received tens of millions of won in kickbacks from a construction company in exchange for purchasing housing.

On the 20th, LH announced that it had conducted an audit on Department Head A of the Housing Purchase Division at the Incheon Headquarters, who was recently suspected of such misconduct, and suspended him from his position.

Department Head A is accused of, over several years while handling the purchase rental business, buying unsold officetels from construction companies in bulk through brokers whenever purchase rental announcements were made, and receiving commissions in return. He is also suspected of purchasing unpopular officetels that failed to sell at prices higher than market value and receiving kickbacks.

The purchase rental housing project is a government initiative where villas or officetels are bought and then rented out to low-income households without homes at prices lower than market value. This year alone, LH plans to purchase about 44,000 units of purchase rental housing.

LH’s Audit Office is reportedly investigating the possibility that Department Head A’s misconduct was carried out on an organizational level and is also conducting inquiries into executives and staff at the Busan and Daegu headquarters. LH has requested a police investigation into Department Head A and plans to hold a personnel committee to determine the level of disciplinary action.

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