SH Corporation "Comprehensive Employee Survey for All Project Sites Since 2010"

Seoul Housing & Communities Corporation (SH Corporation) CI

[Asia Economy Reporter Lee Seung-jin] Seoul Housing and Communities Corporation (SH Corporation) has launched a full-scale investigation of its employees to check whether there are cases similar to those of the Korea Land and Housing Corporation (LH), where employees were suspected of speculative activities.

SH Corporation announced on the 4th, "We have started an investigation to determine whether employees and their family members (direct lineal ascendants and descendants) have received unfair or illegal compensation in all project districts where the corporation has carried out projects since 2010."

It added, "This is a preemptive measure by SH Corporation to restore public trust shaken by the recent LH incident. Through a thorough full-scale investigation and strict measures, we aim to prevent not only past illegal activities but also potential future speculative suspicions."

The investigation targets a total of 14 project districts implemented by SH Corporation since 2010, including Magok District and Godeok Gangil District. If any employee is found to have received compensation (including land and fixture compensation) in these districts, they will be immediately suspended from their position and referred for investigation.

After completing this investigation, SH Corporation plans to thoroughly investigate new project sites such as Seongdui Village in Seocho-gu and Guryong Village in Gangnam-gu for any signs of land transactions or speculative suspicions involving employees.

Kim Se-yong, President of SH Corporation, stated, "We are determined to thoroughly carry out this full-scale investigation with the awareness that a public enterprise loses everything the moment it loses the trust of the people. We will respond with stronger measures than ever before regarding the results."

Earlier, on the 2nd, the People's Solidarity for Participatory Democracy and the Lawyers for a Democratic Society (Minbyun) held a press conference, raising suspicions of speculation, claiming that about 23,000 square meters (approximately 7,000 pyeong) of land within the newly announced Gwangmyeong-Siheung New Town public housing site were purchased by about ten LH employees before the new town was designated.

On the 4th, Minister of Land, Infrastructure and Transport Byun Chang-heum held an online emergency briefing for the public, apologizing and confirming that some of the land purchases by LH employees were factual.