South Korea declares war on real estate crimes

After a scandal of speculation, South Korea declared war on real estate crimes

South Korean Prime Minister Chung Sye-kyun said today, March 11, that the country’s government declared war on real estate crimes after a real estate speculation scandal at a state-owned corporation.

Property prices in Seoul and surrounding areas soared, making it difficult for residents to buy homes. Documentary photo: AFP

Real estate speculation scandal in Korea has caused public discontent when real estate prices in Seoul and neighboring areas have risen sharply, making it difficult for people to buy houses.

Prime Minister Chung Sye-kyun said that after an initial investigation of at least 20 employees of the Korea Real Estate Corporation (KLH), it was accused of taking advantage of professional knowledge to pre-purchase many plots of land in advance. that project is implemented there.

“The government will never forgive the Korean Real Estate Corporation’s criminal acts and its employees who take advantage of people’s dreams and hopes to pluck their pockets,” said Prime Minister Chung Sye-kyun. emphasis at press conference.

Mr. Chung Sye-kyun said that the Korean government will regain public trust, and affirmed that the initial investigation of 20 employees of the KLH Group is just the beginning of a large-scale investigation and of attempts to punish those who violate.

“The government declares war on real estate crimes,” said the Prime Minister of South Korea.

According to Reuters news reports, an investigative committee led by the Korean opposition party – the People’s Power party – has identified at least 74 additional KLH employees who are suspected of real estate speculation. , away from the number of 13 previously defined objects.

The employees of the KLH Group have executed 64 suspicious land contracts since 2018. According to the Office of Congressman Kwak Sang-do, an investigative committee set up by the People’s Power party has planned. Expand the area of ​​investigation to also staff of the Department of Land, Infrastructure, and Transport.

Mr. Noh Woong-rae, a member of the ruling Democratic Party, said that expanding the investigation is necessary to determine the truth of the truth in the context of many false accusations. Mr. Noh Woong-rae also said that the Minister of Land, Infrastructure, and Transport Byeon Chang-heum should also consider resigning.

Mr. Byeon Chang-heum served as head of the Korean Ministry of Land, Infrastructure, and Transport from April 2019 to December 2020 and was then appointed as the official Minister.

Minister Byeon Chang-heum did not have a list of potential land speculation offenders, but he apologized for the scandal. At the same time, the Minister confirmed to cooperate with investigators.

Real estate speculation scandal raged in Korea that took place a month before the election of several key positions in the country, including mayor positions of Korea’s two largest cities, Seoul and Busan. .