With the National Land Committee: "We Bow Our Heads in Apology for LH Speculation Allegations... Promise Thorough Investigation"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jin-young] Amid controversy over allegations of insider trading by LH (Korea Land and Housing Corporation) employees, ruling party lawmakers belonging to the National Assembly Land, Infrastructure and Transport Committee, the standing committee in charge, apologized on the 5th, saying, "We bow our heads and apologize," and promised a thorough investigation.

Democratic Party lawmakers on the Land Committee held a press conference at the National Assembly on the same day, stating, "The National Assembly Land Committee is responsible for establishing housing policies that have the greatest impact on the lives of the people and overseeing LH and its affiliated organizations," and apologized, saying, "We cannot hide our shame for failing to fulfill our responsibility regarding the recent allegations of speculation by LH employees in the Gwangmyeong and Siheung districts of Gyeonggi Province."

They said, "We promise a comprehensive and thorough investigation," and added, "Any act of public officials using information obtained through their duties to gain economic benefits, no matter how small, is unforgivable."

They continued, "Their real estate crimes infringe on the housing stability of all citizens, kick away the ladder of housing opportunity, and furthermore, by embezzling taxpayers' money, shake the foundation of the community's existence. We will conduct a full investigation of the 3rd New Town projects, including not only the relevant employees but also all employees and their families, and retirees if necessary."

They emphasized, "We will promptly complete the investigation and disclose all results without omission," and "We will ensure that additional measures are taken to a level that satisfies the public."

They also expressed their intention to work with the opposition, saying, "Eradicating real estate corruption is not a matter to hold only a specific political force responsible." The Democratic Party Land Committee members said, "Engaging in political blame games over this does not help uncover the truth," and "We will be stricter than anyone else in punishing revealed misconduct. We will pursue accountability to an extent that may seem excessive."

They proposed that the opposition join in uncovering the truth and establishing measures to prevent recurrence. They added, "Supervision and legislative improvements regarding the recent speculation allegations must be done together by both ruling and opposition parties," and "We must work together swiftly to oversee the full investigation of the 3rd New Town projects and ensure that the government's housing supply policies directly benefit the people."

However, they stated that they would not respond to the opposition's demand for a state audit. Cho Eung-cheon, the ruling party secretary of the Land Committee, said to reporters after the press conference, "I do not think a state audit would be helpful in the current situation," and "What is needed now is a prompt fact-finding investigation to grasp the full details of the incident."