[Asia Economy Reporter Jo Gang-wook] The government joint investigation team, which is investigating allegations of land speculation by public officials in the 3rd New Towns, abruptly launched an on-site investigation at the Korea Land and Housing Corporation (LH) headquarters on the 5th.
At around 5 p.m. that day, nine members of the investigation team arrived at the LH headquarters in Jinju and are securing basic data to investigate allegations of land speculation by LH employees and to inspect internal service management conditions.
The investigation team is composed of personnel from the Prime Minister's Office Public Service Management Office and the Ministry of Land, Infrastructure and Transport Audit Office.
The team is securing basic information such as employee personnel data, internal service regulations, and codes of conduct necessary to investigate allegations of land speculation by LH employees in the 3rd New Towns.
To verify why moral hazards such as land speculation allegations by LH employees occurred, the team plans to examine organizational culture including ethical regulations and understand the status of internal management.
The investigation team is obtaining consent forms for providing real estate transaction information from LH executives and employees as well as Ministry of Land, Infrastructure and Transport officials to investigate the 3rd New Town speculation allegations.
Once the consent forms are secured, they plan to use the Korea Real Estate Board’s Real Estate Transaction Management System to verify whether they purchased land in the planned sites of the 3rd New Towns in advance.
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