LH Employees to Conduct Annual Housing and Land Survey with Results Disclosure Bill Proposed

People Power Party's Park Wansu Lawmaker

After allegations of land speculation by LH employees in the Gwangmyeong Siheung New Town surfaced, the government is accelerating efforts to investigate the related suspicions.
The government has formed a joint investigation team led by the First Deputy Minister of the Prime Minister's Office to conduct a full-scale investigation. By next week, they plan to complete a comprehensive review of transaction records for the Ministry of Land, Infrastructure and Transport and all former LH employees, and then extend the investigation to include public officials responsible for related tasks in local government departments as well as all executives and employees of development corporations affiliated with local governments.
The photo shows a metal fence installed along the land near the recycling facility in Gwarim-dong, Siheung-si, Gyeonggi-do, where LH employee speculation allegations were raised on the 4th.

Regarding the allegations of land speculation by employees of Korea Land and Housing Corporation (LH) in the Gwangmyeong and Siheung 3rd New Town areas, a so-called 'LH Speculation Prevention Act' has been submitted to the National Assembly on the 5th, which mandates an annual survey of housing and land transaction status for LH employees and the public disclosure of the results.

According to the partial amendment bill of the 'Korea Land and Housing Corporation Act,' jointly proposed by Park Wan-soo of the People Power Party, the LH president must conduct an annual regular investigation into the housing and land transactions of affiliated executives and employees and disclose the results.

Since LH is an institution that implements the nation's housing and land policies, this is interpreted as an effort to fundamentally block unfair land transactions by members of the affiliated organization using development information.

Representative Park said, "The speculation controversy involving LH executives and employees goes beyond simple misconduct; it is an act of obstructing national policy work and tantamount to extortion against land sellers," adding, "LH should investigate and disclose the land and housing transaction details of its executives and employees annually to fundamentally prevent unfair private gains using undisclosed real estate development information."

Park also stated, "Furthermore, the corporation should consider strengthening internal regulations so that affiliated executives and employees notify the corporation in advance when engaging in real estate transactions related to national policies and undergo procedures such as reviewing legality and appropriateness."