Park Yong-jin: "LH Land Speculation Allegations Should Be Investigated by External Auditors, Not the Ministry of Land, Infrastructure and Transport"

No Internal Investigation for Protecting Own Members... External Audit Needed
Prime Minister's Office Investigation, Board of Audit and Inspection Audit... Strict Punishment Required

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Park Yong-jin, a member of the Democratic Party of Korea, stated regarding the allegations of land speculation by Korea Land and Housing Corporation (LH) employees, "A thorough investigation by the Prime Minister's Office, an audit by the Board of Audit and Inspection, and a prosecution investigation are necessary to root out the problem." He added that this issue should not be seen merely as a violation of the Public Officials Ethics Act or the Anti-Corruption Act, but as a serious threat to the fair order of our society, and that an external audit is needed rather than an internal investigation by the Ministry of Land, Infrastructure and Transport.

In a statement on the 3rd, Park said, "The recent allegations of land speculation by LH employees are causing serious distrust in our government's real estate supply policies."

Earlier, on the 2nd, the People's Solidarity for Participatory Democracy and the Lawyers for a Democratic Society revealed that from April 2018 to June last year, 14 LH employees in the metropolitan area and their spouses and family members purchased 10 plots totaling 23,028㎡ (7,000 pyeong) in the new towns of Gwangmyeong and Siheung in Gyeonggi Province for about 10 billion won. The Ministry of Land, Infrastructure and Transport also launched a full-scale investigation to determine how many LH employees purchased land in the planned Gwangmyeong-Siheung new town area and whether there was any work-related connection.

There are suspicions that employees of public institutions under the Ministry of Land, Infrastructure and Transport, knowing that Gwangmyeong and Siheung would be selected as part of the 3rd new town development, purchased the land first aiming for 'capital gains.'

Regarding this, Park said, "I oppose internal investigations by LH or the Ministry of Land, Infrastructure and Transport," adding, "Only external audits such as those by the Board of Audit and Inspection or a full investigation by the Prime Minister's Office can dispel suspicions of 'covering for insiders' or 'whitewashing audits.'"

He criticized, "I have led institutional reforms for a fair market economy," and emphasized, "Fairness must be upheld not only in the market but also in policy implementation," adding, "It is inherently unfair for government officials and public institution employees executing major government policies to profit by using undisclosed information." Park particularly mentioned, "Because of this incident, the public will become suspicious of who benefits every time government policies are implemented."

Park stressed once again, "If we fail to hold accountable those who disrupt market order and undermine trust in government policies, we cannot build public trust, and without public trust, it is difficult for the country to stand firmly."