Joint Briefing on Interim Results of Real Estate Speculation Investigation and Probe
Prime Minister Kim Boo-kyum is announcing the interim results of the real estate speculation investigation and prosecution on the 2nd at the Government Seoul Office joint briefing room. Attending the announcement were four ministers and vice ministers from different departments: Cho Nam-gwan, Deputy Prosecutor General of the Supreme Prosecutors' Office; Kim Chang-ryong, Commissioner of the National Police Agency; Kim Dae-ji, Commissioner of the National Tax Service; and Eun Sung-soo, Chairman of the Financial Services Commission. June 2, 2021. [Photo by Yonhap News]
[Sejong=Asia Economy Reporter Son Sun-hee] Prime Minister Kim Boo-kyum announced on the 2nd that "the total amount of real estate speculation profits confiscated or recovered so far is 90.8 billion KRW" in relation to the land speculation scandal involving some employees of Korea Land and Housing Corporation (LH). He also bowed his head and said, "As the Prime Minister who oversees administration, I feel very ashamed of these illegal allegations against public officials and sincerely apologize to the people."
On the afternoon of the same day, Prime Minister Kim held a joint briefing on the interim results of the real estate speculation investigation and prosecution at the Government Complex Seoul, stating, "The Government Joint Special Investigation Headquarters under the National Police Agency is conducting investigations on a total of 646 cases involving about 2,800 people, including cases requested by the joint investigation team, reports received by the Anti-Corruption and Civil Rights Commission's reporting center, and cases identified through its own intelligence. So far, 20 people have been arrested, and 529 have been sent to the prosecution." He added, "The prosecution has also arrested 14 people, including those involved in planned real estate speculation, through separate direct investigations."
This announcement of the interim investigation results came about three months after related allegations were raised in March. During this period, the government established a large-scale Government Joint Special Investigation Headquarters with 1,560 personnel under the National Police Agency to conduct the investigation. Separately, the prosecution set up a dedicated investigation team of 641 members to cooperate with the Special Investigation Headquarters and conduct direct investigations.
Prime Minister Kim bowed his head again, saying, "The illegal real estate-related activities revealed through this investigation and prosecution were diverse. We confirmed allegations that several public officials, including former vice-minister-level agency heads, basic local government heads, city and county council members, and staff in charge, purchased land using insider information." He added, "In the private sector, we also confirmed cases where planned real estate speculation groups brokered illegal activities related to subscription savings accounts, and regional housing association leaders conspired in illegal speculation, causing great distress to many homeless low-income citizens."
He emphasized, "Going forward, the government will continue investigations into the public sector and thoroughly monitor and supervise the private sector with a stance of zero tolerance for illegal real estate speculation."
Prime Minister Kim defined the real estate speculation allegations as a "serious crime," stressing, "Illegal speculation, including by public officials, will be strictly punished, and all illegal speculation profits will be confiscated and recovered. We will firmly establish this common sense through this opportunity."
He also urged the public service community, "All public officials should take these incidents as a lesson and be especially mindful to be honest and unashamed public servants before the people."
The government plans to continue the investigation without setting a separate deadline even after announcing the interim investigation results on this day.
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