LH Implements Employee Asset Registration System in Advance to Eradicate Real Estate Speculation Practices

Establishment of Internal Registration and Reporting System to Monitor Illegal Real Estate Speculation by Executives and Employees
Proactive Registration and Reporting of Real Estate by Executives and Employees Before Related Law Enforcement Date
All Executives and Grade 1 Employees to Register by May... Grade 2 Employees to Register Starting from the 10th of This Month

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 3rd that it is independently implementing an employee asset registration system to identify and manage real estate ownership and transaction details of its executives and employees.

LH proactively developed its own asset registration system to prevent illegal real estate speculation by its employees. Using this system, LH has been gradually registering real estate owned by employees since the 10th of last month, and from the 1st of this month, it has been enforcing a reporting system for transactions involving registered real estate.

In March, LH established internal regulations that restrict the acquisition of new real estate for purposes other than actual use by employees and mandate asset registration. This was done to strengthen internal controls preemptively before the enforcement of the "Public Officials Ethics Act" and the "Conflict of Interest Prevention Act," aiming to fundamentally block illegal speculation by LH employees.

Accordingly, LH employees are prohibited from acquiring real estate using internal information obtained directly or indirectly through their duties. Employees in departments recognized as acquiring information about real estate or performing related tasks may face restrictions on acquiring new real estate within their jurisdiction. Additionally, LH employees, their spouses, and direct lineal ascendants and descendants must register real estate they own and update any changes annually by the end of February. Real estate transactions must be reported within 30 days from the date of ownership transfer registration, and new hires must register their real estate by the end of the month in which two months from their initial appointment date fall.

Since the 10th of last month, LH began registering real estate for executives and grade 1 employees, achieving 100% registration completion by the end of last month. From the 10th of this month, registration will proceed for grade 2 employees.

LH plans to utilize the registered and reported real estate information to detect real estate speculation using non-public information. Through this, LH will monitor employee real estate ownership and transactions, investigate illegal or improper transactions and speculative activities, and examine violations of real estate acquisition restrictions to eradicate real estate speculation.

Kim Hyun-jun, President of LH, stated, "We will thoroughly implement the asset registration system to fundamentally block speculative activities and strengthen real estate transaction investigations through compliance officers to make LH a corruption-free and transparent organization."

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