Assemblyman Yoon Jae-gap: "Special Act on LH Scandal Must Be Enacted to Recover Unfair Profits to the End"

Eradication of Public Officials Using Insider Information and Leaking Official Information

Expansion Needed from New Town Development to Compensation for All Public Development Land

Yoon Jae-gap, Member of the National Assembly (Democratic Party of Korea, Haenam·Wando·Jindo)

[Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Yoon Jae-gap, member of the National Assembly (The Democratic Party, Haenam·Wando·Jindo), strongly criticized on the 9th that those who engaged in real estate speculation using their official positions in relation to LH employees' real estate speculation must be expelled with a zero-tolerance principle and that unjust profits must be recovered.

He pointed out that besides the recently revealed speculation cases in Gwangmyeong and Siheung, there are likely more cases where insider information was used to gain unfair capital gains through public development, and insisted on the need for a full investigation not only of new town development projects but also of public development projects led by the Ministry of Land, Infrastructure and Transport and LH.

He also urged a full investigation of all projects, including land compensation for various projects carried out not only by the Ministry of Land, Infrastructure and Transport but also by other government ministries and local governments.

In particular, he said that there is a widespread rumor that “those who made huge unfair capital gains through public development projects in the past, such as Gangnam and Pangyo, are still living lavishly as if mocking this incident.”

Accordingly, just as the property of pro-Japanese collaborators is recovered down to the last parcel, he stated that the National Assembly should discuss enacting a special law that allows the government to recover unfair capital gains without a statute of limitations when public officials use insider information to gain unfair capital gains.

Meanwhile, it has been reported that LH employees submitted false or insufficient agricultural management plans during the purchase of farmland in Gwangmyeong, Siheung, and other areas for speculation.

He pointed out that this is an attempt by speculative forces to nullify not only the principle of “Gyeongja Yujeon (耕者有田)” stipulated in the Constitution but also the current “Farmland Act,” and urged the Ministry of Agriculture, Food and Rural Affairs and local governments to conduct thorough investigations.

Assemblyman Yoon Jae-gap emphasized, “The National Assembly must enact a special law to recover unjust profits without a statute of limitations so that public officials do not repeatedly make huge profits from land speculation using insider information.”

Furthermore, he stated, “I will work on revising the ‘Farmland Act’ and the ‘Public Officials Ethics Act’ to restrict farmland ownership starting from high-ranking public officials so that farmland responsible for food security does not become a target of real estate speculation.”

Meanwhile, in July last year, Assemblyman Yoon Jae-gap introduced a bill as the main proposer to amend the ‘Public Officials Ethics Act’ that requires high-ranking public officials who own two or more houses, with at least one located in a ‘Speculative Overheated District,’ to sell at least one house, and restricts promotion and appointment if this is not complied with.