"National Assembly Members, Public Officials, and Businesspeople: Petition Filed Regarding Busan LCT 'Preferential Sale List'"

Busan Haeundae LCT. Photo by Yonhap News

[Asia Economy Reporter Kim Young-eun] Amid recent allegations that employees of the Korea Land and Housing Corporation (LH) engaged in land speculation in the '3rd New Town' areas of Gwangmyeong and Siheung in Gyeonggi Province, a petition has been submitted to the police claiming that there was a separate list for preferential sales during the sale of LCT, a supertall residential-commercial complex in Haeundae, Busan.

According to Yonhap News TV, a preferential sales list for LCT has been confirmed, which includes the names of current members of the National Assembly, former ministers, prosecutors general, court presidents, other current and former high-ranking public officials, and well-known businesspeople.

Additionally, a petition related to this matter has been received, with the main point being that a portion of the sales units was set aside in advance for these specific individuals before the normal sales procedures.

On the 9th, the Busan Police Agency announced that they have received the petition regarding LCT and are verifying the facts.

Previously, civic groups such as Busan Participation Solidarity have raised suspicions that the LCT side used sales rights as a lobbying tool by granting them to specific individuals. In 2017, civic groups accused Lee Young-bok, the actual owner of LCT, of using LCT sales rights as a lobbying tool and filed complaints against 43 people with the prosecution for receiving preferential sales.

In response, the Busan District Prosecutors' Office indicted only two people related to the developer out of the 43 individuals suspected of illegal sales of LCT in October last year on charges of violating the Housing Act, while 41 others were cleared due to lack of evidence.

The police reportedly recently summoned and investigated LCT project-related personnel following the petition requesting punishment of those involved. A police official stated, "We are in the initial stage of verifying the facts of the petition."