Yoon Orders 'Auction Suspension' on Fraudulent Jeonse Listings Amid Spread of Rental Scams

President Yoon Suk-yeol on the 18th instructed the implementation of measures to suspend the auction schedules of real estate in relation to the recent serious social issue of Jeonse fraud. He ordered the preparation of various support measures through a grace period policy and called for the establishment of practical countermeasures to assist victims, such as 'visiting support.'

President Yoon, during the Cabinet meeting held at the Yongsan Presidential Office that morning, received a report from Minister of Land, Infrastructure and Transport Won Hee-ryong on the suspension or grace period plans for auction schedules and instructed their implementation, President's Office spokesperson Lee Do-woon briefed.

[Image source=Yonhap News]

원본보기 아이콘

At the meeting, President Yoon said, "While relief through such civil procedures is necessary, many victims of Jeonse fraud, who are mostly socially vulnerable, are often unaware that there are relief methods or support policies," and urged, "Please establish a well-functioning visiting support service system."

This measure was taken based on the judgment that the damage is spreading, as victims of Jeonse fraud have recently been found dead one after another. When asked about effective supplementary measures if the auction procedures are suspended, a Presidential Office official explained the current problem by saying, "For example, if there is a Jeonse right on a villa worth 300 million won, (in case of fraud) the principal cannot be recovered."

He added, "The 'visiting support service' mentioned by the President means that many people are in difficulty because they do not know the method itself or do not have the capacity to visit. By activating the welfare system, even if victims do not come forward, if statistics show a problem, we try to find victims first or look for ways to assist them."

Meanwhile, regarding the reshuffle rumors such as the 'chief aide general election candidacy theory' ahead of President Yoon's first anniversary in office, he urged, "Cabinet members should maintain their composure and operate state affairs with the mindset of doing their utmost for the people so as not to be shaken by such reports."

President Yoon also said, "Strengthening fiscal soundness is essential for the sustainability of our community and future generations," and requested the National Assembly to discuss the fiscal rules bill submitted last year. He then told ministers of each department to clearly prioritize fiscal expenditures to prevent waste of taxpayers' money. President Yoon added, "Government spending should focus on essential national functions such as defense and the rule of law, roles that complement market failures like protecting the vulnerable, and mid- to long-term national tasks such as building future growth engines," and emphasized, "Indiscriminate cash handouts and populist giveaways must be firmly rejected."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.