"Stealing Public Information... A Crime Leading to National Ruin" Yoon Seok-yeol Expresses Concern Over LH Case as 'Complete Corruption'

"LH Incident... Immediate Large-Scale Investigation Needed"
"Complete Survey of 'Profitable Land' and Follow Purchase Funds"
"What Can Be Revealed by Just Asking Verbally?"

Former Prosecutor General Yoon Seok-yeol appeared at the National Assembly's Legislation and Judiciary Committee's National Inspection of the Supreme Prosecutors' Office on October 22 last year, expressing his stance on then Minister of Justice Choo Mi-ae's personnel appointments and investigative command authority.
[Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] Former Prosecutor General Yoon Seok-yeol strongly criticized the '3rd New Town speculation allegations' involving employees of Korea Land and Housing Corporation (LH) on the 6th, saying, "This is a matter that requires immediate and extensive 'investigation,'" and added, "Corruption spreads quickly, and preventing it is the responsibility of the state."

In an interview with the Chosun Ilbo on the same day, former Prosecutor General Yoon described the 'LH case' as "a 'crime that ruins the nation' by stealing public information to speculate on real estate," and said, "Look at how many citizens are outraged by such absurd unfairness and corruption."

Regarding public opinion that the prosecution, not the Ministry of Land, Infrastructure and Transport (MOLIT), should immediately investigate, he said, "Instead of dragging out time with (MOLIT’s) internal investigation and allowing evidence destruction," he added, "In the past, investigations were promptly initiated in such cases. Corruption, whether due to government intent or incompetence, spreads quickly if not stopped once or twice. This would truly lead to 'bupae-wanpan'." 'Bupae-wanpan' is a term used by former Prosecutor General Yoon, who strongly opposed the establishment of the Serious Crime Investigation Agency, meaning 'corruption will completely run rampant.'

Korea Land and Housing Corporation (LH) [Image source=Yonhap News]

As for why the 'LH case' should be resolved through prosecution investigation rather than by MOLIT, he emphasized, "Instead of conducting a full investigation of 'LH employees,' a full investigation should be conducted on 'profitable land' and the purchase funds should be traced."

He also suggested problems with the current government's response to the 'LH case,' saying, "It is not about conducting a full investigation by just looking at the registry to see if LH or Blue House employees bought land, like the Prime Minister’s Office or MOLIT investigations, or asking verbally whether they bought land or not. What can be revealed by just asking verbally?"

Former Prosecutor General Yoon Seok-yeol [Image source=Yonhap News]

Regarding the process of uncovering the 'LH case' through prosecution investigation, he said, "The new town development plan and compensation plan should be analyzed in detail to find profitable lands and conduct a full investigation," adding, "△ The timing of transactions, △ the units traded, and △ the land usage status should be analyzed, followed by tracing the source of purchase funds to identify the real owners. It is similar to investigations of financial cases involving the use of undisclosed information. There will likely be more nominee transactions than real-name ones."

In response to claims that the prosecution is not being entrusted with the investigation due to the April by-elections for Seoul and Busan mayors, he emphasized, "We should not gloss over (the LH allegations) because of election concerns. Whether ruling or opposition, responsible politicians should urge swift and extensive investigations. We must not calculate elections in the face of such extreme immorality that angers all citizens."

Former Prosecutor General Yoon did not provide specific answers regarding his political moves or future plans in the interview.

Meanwhile, the government announced on the 7th at a real estate market-related ministers’ meeting that it will "conduct a comprehensive investigation of all 3rd New Town target areas, MOLIT and LH employees, and their immediate families through a joint investigation team, and take measures such as 'referring cases for investigation and disciplinary actions if speculation is confirmed.'" Attendees included Hong Nam-ki, Minister of Economy and Finance; Byeon Chang-heum, Minister of MOLIT; Koo Yoon-chul, Director of the Office for Government Policy Coordination; and Kim Dae-ji, Commissioner of the National Tax Service.