Government Joint Investigation Team to Announce First Results of 'LH Employee Land Speculation' Investigation Next Week

Minister of Land, Infrastructure and Transport Byeon Chang-heum is apologizing on the 4th at the Joint Briefing Room of the Government Seoul Office in Jongno-gu, Seoul, regarding the speculation allegations of Korea Land and Housing Corporation (LH) employees in the 3rd new towns such as Gwangmyeong and Siheung. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Seungjin Lee] On the 4th, the government joint investigation team, which began a full-scale investigation into allegations of speculation by employees of Korea Land and Housing Corporation (LH) in the 3rd New Towns, will announce the first investigation results around mid-next week.

The investigation team is led by Choi Chang-won, the First Vice Minister of the Office for Government Policy Coordination, and includes the Office for Government Policy Coordination, Ministry of Land, Infrastructure and Transport, Ministry of the Interior and Safety, National Police Agency, Gyeonggi Province, and Incheon City. The target sites are six 3rd New Towns (Gwangmyeong Siheung, Namyangju Wangsuk, Hanam Gyosan, Incheon Gyeyang, Goyang Changneung, Bucheon Daejang) as well as Gwacheon Gwacheon District and Ansan Jangsang District, which have land areas exceeding 1 million square meters, totaling eight locations.

The investigation targets include all employees of public corporations involved in the development of the new towns, including the Ministry of Land, Infrastructure and Transport and LH, as well as public officials in charge of the new town departments in the eight local governments of Gyeonggi Province, Incheon City, and the relevant basic local governments.

For public corporations, the eight entities include LH, Gyeonggi Housing and Urban Corporation (GH), and the urban corporations of Namyangju, Incheon, Hanam, Bucheon, Gwacheon, and Ansan.

The investigation team plans to review land transaction records of employees who have worked in the target institutions and departments from five years before the site announcement (public inspection by residents) to the present, as well as their spouses and direct lineal relatives.

The full-scale investigation will be conducted by obtaining consent for the collection and use of personal information to verify whether the subjects own land related to the 3rd New Towns, and by examining transaction details through the land transaction computer network.

After conducting investigations on all employees of the Ministry of Land, Infrastructure and Transport and LH, the results will be announced around mid to late next week, followed by investigations into the families of Ministry and LH employees, local governments, and other public corporation officials.

If illegal activities are confirmed, immediate actions such as requesting investigations or filing complaints and accusations will be taken, and based on the investigation results, measures to eradicate speculation related to public development, including prohibiting the use of insider information and conflicts of interest, will be established.