Gyeongbuk Development Corporation Launches Investigation into Real Estate Acquisitions in ‘Gyeongsan Sangnim Special Zone’... Targeting 600 Employees and Family Members

Gyeongbuk Development Corporation (President Lee Jae-hyuk) is investigating whether its executives and employees purchased real estate in new project candidate sites in the wake of the LH real estate speculation scandal on the 19th.

The corporation has decided to implement a continuous “Comprehensive Investigation on Unfair Acquisition of Real Estate in New Development Project Planned Districts” to apply stricter standards to prevent conflicts of interest between public and private interests related to the duties of its executives and employees.

The Gyeongbuk Development Corporation recently received project approval for the ‘Gyeongsan Sangnim Rehabilitation Industry Specialized Complex Development Project’ district in Jinryang-eup, Gyeongsan-si, Gyeongbuk.

Gyeongbuk Development Corporation recently launched an investigation into whether any executives or employees purchased land in the 540,000㎡ area of Sangnim-ri, Jinryang-eup, Gyeongsan-si, where the “Gyeongsan Sangnim Rehabilitation Industry Specialized Complex Development Project” was approved.

A corporation official stated, “The investigation targets are expected to exceed 600 people, including executives, employees, their parents, and children living together.”

The corporation will soon conduct similar investigations into whether executives and employees acquired real estate in five other project districts currently under development. These investigations will be conducted twice for each project district: once when the internal investment review committee approves the project, and once upon completion of permits such as development plan approval.

It is known that in April, the corporation also conducted an investigation into unfair real estate acquisitions within project districts by obtaining consent from 602 executives, employees, and their families regarding new project candidate sites.

Lee Jae-hyuk, President of Gyeongbuk Development Corporation, said, “We will proactively respond to corruption-prone areas so that employees perform their duties transparently and fairly, and use this as an opportunity to achieve a ‘Grade 1’ integrity rating from the Anti-Corruption and Civil Rights Commission based on the trust of the residents.”