Hong Nam-ki on LH Employees' Land Speculation Allegations: "Feeling Devastated... Will Respond with Zero Tolerance and Strict Punishment"

Bronze measuring ruler 'Yucheok' from the Joseon Dynasty posted by Deputy Prime Minister Nam Ki on Facebook

[Asia Economy Reporter Son Sun-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, expressed on the 3rd regarding the land speculation allegations involving employees of Korea Land and Housing Corporation (LH), "I feel regret, anger, and despair," adding, "We must respond strictly and with zero tolerance to confirmed unfair acts and market-disturbing behaviors as a matter of strict punishment."

On the afternoon of the same day, Hong posted on his social media (SNS), "Areas such as real estate transactions, stock markets, and vaccine inoculations are closely related to the daily lives, property, and lives of all citizens, and thus must guarantee fairness, equity, and trust more than any other field," emphasizing, "We must take institutional improvement measures to ensure such incidents do not recur."

He mentioned not only the land speculation allegations involving some LH employees in the Gwangmyeong and Siheung new towns but also cases of apartment transaction price distortions, vaccine queue-jumping suspicions, and illegal stock trading using nominee accounts by securities firm employees, adding, "I feel these issues are making the already difficult times due to COVID-19 even harder and causing public anger." He particularly announced, "Real estate-related matters will be thoroughly discussed again at the upcoming Real Estate Ministers' Meeting scheduled for next week."

Hong stated, "The public's trust in the five-day rotation system for public masks, strict compliance with quarantine rules, and orderly participation in COVID-19 diagnosis, isolation, and treatment are invisible but accumulated social capital in our society," adding, "For our society to upgrade to the next level, we must continuously accumulate this social capital and let it naturally permeate like air so that fair play operates anytime and anywhere."

He then introduced the 'Yucheok (鍮尺),' a bronze measuring stick about 25cm long that secret royal inspectors in the Joseon Dynasty carried. It was used to detect corrupt officials who collected taxes using larger-than-standard scoops or distributed less relief rice during droughts, symbolizing fairness and equity.

Hong said, "For Ministry of Economy and Finance employees, the spirit of fairness and equity is a value more important than any other ministry, and we award the Yucheok as a token of encouragement to employees who embody this well," adding, "I want to raise the Yucheok as a strong warning so that unfair acts and suspicious cases like recent ones never even dare to dream of existing or take root in our society."