[Summary] "Eradicating Real Estate Corruption" vs "Peace in the Thief Village" LH Speculation Allegations Spark Ruling and Opposition Clash

With "Putting Reputation on the Line for a Flawless Investigation"
Opposition: "No Prosecution or Board of Audit... How Can the Public Trust?"

Minister of Land, Infrastructure and Transport Byeon Chang-heum is leaving the meeting room after a meeting on the 5th at the National Assembly in Yeouido, Seoul, with Lee Nak-yeon, leader of the Democratic Party of Korea, Jin Sun-mi, chairperson of the Land, Infrastructure and Transport Committee, and others regarding allegations of land speculation by employees of Korea Land and Housing Corporation (LH) in the Gwangmyeong and Siheung new towns. / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] The ruling and opposition parties clashed over allegations of land speculation in new towns involving some employees and their families of Korea Land and Housing Corporation (LH). While the Democratic Party of Korea promised a thorough investigation into the allegations, the People Power Party intensified their offensive by demanding the dismissal of Byun Chang-heum, the former LH president and current Minister of Land, Infrastructure and Transport.

Shin Young-dae, spokesperson for the Democratic Party, issued a statement on the 7th saying, "We apologize to the public who feel disheartened and disappointed once again due to the chronic social ill of real estate speculation," and bowed his head, adding, "We will take the lead in bipartisan efforts to eradicate real estate corruption."

However, Shin also targeted the People Power Party, urging, "We expect a bipartisan attitude so that a full investigation can begin with members of the National Assembly, their aides, local government heads and council members, and their families." This was interpreted as a call for the opposition party to actively participate in the full investigation related to the speculation allegations.

Yang Hyang-ja, a Supreme Council member of the same party, wrote on her Facebook on the same day, "The nation starts with the trust of its people. Governments that lose the trust of the people have all collapsed," emphasizing, "The survival of the administration is at stake."

She continued, "All available agencies must be mobilized," and urged, "Heads of related agencies must stake their positions and strive for a flawless investigation. There must be no room for complacency thinking 'this too shall pass' regarding the allegations."

Land near the recycling facility in Gwarim-dong, Siheung-si, Gyeonggi-do, where allegations of speculation by LH employees were raised on the 4th. / Photo by Yonhap News

On the other hand, the People Power Party launched a sharp offensive demanding the dismissal of Minister Byun.

On the same day, Bae Jun-young, spokesperson for the People Power Party, issued a statement saying, "The President said, 'We will never lose the war against real estate speculation,' but during his term, the Ministry of Land and LH have become hotbeds for speculators," and demanded, "The President should apologize directly and dismiss Minister Byun Chang-heum."

Regarding the government joint investigation team formed on the 4th, he criticized, "Are the economic ministries just going to come up with these obvious half-measures and expect to receive a 'self-issued pardon'?" and questioned, "Do you really think the public will trust an investigation led by Minister Byun without the prosecution and Board of Audit and Inspection involved?"

He emphasized, "The President should first make a sincere apology to resolve the situation and dismiss Minister Byun as the first step to regain trust."

Joo Ho-young, Floor Leader of the People Power Party / Photo by Yonhap News

On the same day, Joo Ho-young, floor leader of the People Power Party, wrote on Facebook, "Why does the Democratic Party shout for a 'thorough investigation' but leave LH corruption to the Board of Audit and Inspection, demand prosecution investigations, or avoid national assembly probes?"

He added, "The Moon Jae-in administration beat and drove out prosecution's top player Yoon Seok-youl over a year. Which crazy prosecutor would dare to properly investigate the LH case now?"

He further claimed, "In a world without Yoon Seok-youl, in a country without prosecution, peace has come to the village of thieves," and argued, "The Moon Jae-in administration plans to completely strip the prosecution's investigative authority soon. It is only a matter of whether this March or April when 'immunity privileges' will be officially granted to the regime's key figures. The birth of a privileged class above the law is imminent."