LH Bows Again: "Government Innovation Plan Will Be Implemented Without Delay"

Strengthening Internal Controls Including Formation of Dedicated Teams

President Kim Hyun-jun and other executives and employees of Korea Land and Housing Corporation (LH) are making a public apology ahead of the expanded executive meeting on the 8th. / Photo by LH.

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) has announced plans to establish a dedicated team to ensure a sincere public apology and the smooth implementation of government innovation measures.

According to industry sources on the 9th, LH held an emergency expanded executive meeting the day before, chaired by President Kim Hyun-joon, with all headquarters and regional headquarters directors in attendance. At the meeting, detailed action plans to faithfully implement the LH innovation measures announced by the government on the 7th were discussed.

Before the meeting began, President Kim bowed his head and said, "I once again apologize to the public for the great disappointment and concern caused by the unfortunate incidents involving LH employees' real estate speculation." He continued, "Following the innovation measures announced by the government, we will reform LH so that it transforms into a fair and transparent organization trusted by the people. We will strengthen internal control systems, enhance the organization's public nature and transparency, and focus more on LH's core duties such as housing supply, residential welfare, and the implementation of the 2.4 measures."

LH stated that it will promptly establish and vigorously implement detailed execution plans for each innovation task to faithfully carry out the government innovation measures and fulfill its original functions. First, LH plans to form a dedicated team for implementing the innovation measures, establish detailed implementation roadmaps for each innovation task such as building internal control devices and strengthening management, and concretize the innovation measures. Previously, LH launched an Innovation Committee last month, consisting of eight external experts from academia, civic groups, and labor sectors, to identify internal innovation tasks. The Innovation Committee plans to hold regular monthly meetings to develop risk management measures for each business unit and discover reform plans that meet public expectations.

To ensure the smooth execution of housing supply measures such as the 3rd phase new town pre-subscription and the expansion of residential welfare, LH has prepared plans to reorganize functions and organizations and to continuously monitor and manage major issues. Additionally, to establish public service discipline, LH plans to strengthen punishment regulations, including immediate dismissal upon prosecution for violations of real estate acquisition restrictions, and to significantly expand external committee members during architectural design competitions and purchase rental housing acquisition reviews, discussing various measures to secure transparency in business processes and internal self-purification efforts.

President Kim emphasized, "We will reorganize the organization to prevent such incidents from happening again and continuously pursue effective innovations so that LH can faithfully perform its original functions."

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