Choo Mi-ae: "Temporarily Suspend Land Development Projects and Enact the 'LH Special Act'"

Former Minister of Justice Choo Mi-ae

[Asia Economy Reporter Kwangho Lee] On the 8th, former Minister of Justice Choo Mi-ae urged the temporary suspension of land development projects suspected of speculation related to employees of Korea Land and Housing Corporation (LH) and called for the enactment of a "Special Act on the Recovery of Criminal Proceeds from Real Estate and Enhanced Punishment for Insider Trading."

On the same day, former Minister Choo stated on her social network service (SNS), "Land development projects where speculation is expected or suspected to have occurred should be temporarily suspended and a full-scale investigation should be launched."

She argued that if public officials and employees of central and local administrative agencies related to land use and development, public enterprises, local public corporations, entrusted institutions, and project agents leak development plan information to gain profits, up to five times the amount of the profits should be recovered.

Former Minister Choo pointed out, "The increasing number of people who feel 'the more money there is in the market, the poorer I become' is ultimately due to real estate speculation," adding, "Land speculation creates a society where 'land is valued more than sweat.'

She also added that she hopes this suspicion will "serve as an opportunity to fundamentally reflect on the pathological problems of the Korean economy caught in the trap of rent-seeking."