LH Issues Public Apology, Announces "Pre-Notification System for Employee and Family Land Transactions"

Public Apology for Allegations of Preemptive Speculation in Gwangmyeong-Siheung
Establishment of Preventive Measures Including Mandatory Prior Reporting of Land Transactions by Employees and Their Families

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH), embroiled in a pre-speculation scandal involving 10 billion KRW worth of land in the Gwangmyeong-Siheung district, issued a public apology on the 4th and announced the introduction of a pre-reporting system for land transactions by all employees and their families.

In the same day's "Public Apology Regarding the Gwangmyeong-Siheung Speculation Allegations," LH stated that it would conduct a thorough investigation into the pre-speculation allegations by some employees in the new town and promptly establish measures to prevent recurrence.

On the 2nd, when the speculation allegations were raised, LH proactively completed the suspension of 13 employees involved. Currently, an internal investigation is underway to verify any illegal activities, and if any violations are confirmed, disciplinary actions, personnel measures, and legal actions such as referral for prosecution will be taken.

Additionally, in cooperation with the Ministry of Land, Infrastructure and Transport and other government bodies, a comprehensive investigation of land transaction statuses involving employees of related departments across the entire 3rd new town will be swiftly conducted to ensure no suspicion remains regarding this incident.

Strong measures will also be implemented to prevent recurrence. A pre-reporting system for land transactions by employees and their families will be introduced, and during the promotion of new projects, a full survey of land ownership within the district by related department employees and their families will be conducted. If any unreported, illegal, or improper land transactions are identified, strict penalties such as personnel disadvantages will be imposed.

Jang Chung-mo, Acting President of LH, said, "We will swiftly implement measures to prevent recurrence so that the public will never again be disappointed by such allegations, and we will become a trusted LH through unwavering execution of stable housing policies."