Chair of the Anti-Corruption Commission: "Several Lawmakers Reported for Speculation... Full Investigation of the Democratic Party to be Released by the End of This Month"

"Investigation until the end of June... Currently about 55 reports of suspected speculation received"
"Full investigation results of ruling party lawmakers' speculation to be released by the end of this month"

Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] As the government investigates real estate speculation among public officials to prevent a second LH (Korea Land and Housing Corporation) scandal, Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission, the main overseeing agency, stated on the 12th that "multiple members of the National Assembly have been reported." She predicted that the results of the full-scale investigation into real estate speculation involving all members of the Democratic Party of Korea and their families will be "released by the end of this month at the latest."

In an interview on MBC Radio's Kim Jong-bae's Focus, Chairperson Jeon said, "In this interim report, reports have been received concerning various types and positions of public officials, including members of the National Assembly, local government heads, local council members, and LH employees."

She added, "After the LH scandal, we operated a focused reporting period to receive such public interest and internal reports. About 55 cases of suspected speculation have been reported so far, and reports will continue to be accepted until the end of next month."

When asked by the host how many of the reported individuals so far are members of the National Assembly, Chairperson Jeon replied, "I can only confirm that there are multiple."

Regarding the types of reports involving public officials including members of the National Assembly, she said, "The most common was speculation using insider information, with 35 cases."

Chairperson Jeon explained, "There were cases where land was purchased in advance using information about the development of local industrial complexes, or where local council members used insider information obtained from their standing committees to have family or acquaintances buy real estate."

She continued, "Suspicions were identified of joint purchases of urban planning facility sites by splitting shares using undisclosed information."

She expressed frustration, saying, "I was quite angry because there were unexpectedly many reports of public officials pursuing private interests," and added, "Public officials need to properly maintain discipline and engage in self-reflection."

She anticipated that the results of the full-scale investigation into real estate speculation involving all ruling party members and their families will be "released by the end of this month at the latest." She explained, "I have reported my conflicts of interest and recused myself from duties regarding this matter, so I am not currently receiving reports." Chairperson Jeon, a two-term lawmaker from the Democratic Party, recused herself when Democratic Party members requested the full-scale investigation into real estate speculation.

Regarding the Conflict of Interest Prevention Act promulgated at the Cabinet meeting the previous day, she said, "It legally stipulates the reporting of private interests already included in the public officials' code of conduct," and added, "Under the Anti-Corruption and Civil Rights Commission Act, if someone uses confidential information obtained through their duties to pursue private interests, they can face criminal punishment and confiscation of property gains. For one year, they can be punished under this code of conduct and the Anti-Corruption and Civil Rights Commission Act."

She further stated, "New behavioral norms introduced by the Conflict of Interest Prevention Act, such as reporting real estate holdings and purchases, will be regulated after the law takes effect in May next year," and added, "The Commission plans to complete the enforcement decree this year if possible so that the law can be implemented in May next year, allowing for a pilot operation in the public sector to identify issues and prevent confusion."