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Moon Vows to Investigate, Root Out Real Estate Speculation in Public Sector

#Hot Issues of the Week l 2021-04-04



Amid mounting public anger over alleged speculation by employees of the state-run Korea Land and Housing Corporation(LH), President Moon Jae-in reaffirmed his will to thoroughly investigate and eradicate real estate speculation in the public sector.

Presiding over an anti-corruption meeting on Monday, President Moon Jae-in called for the mobilization of administrative and investigative means to find all acts of speculation in the public sector.

Moon ordered officials to investigate with a fine-tooth comb without consideration for political consequences, sternly punish those involved in criminal acts, and thoroughly redeem unfairly acquired profits.

The president also called to track down transactions under false names, tax evasion, illegal funds and unjust loans linked to speculation.

Moon has reiterated his administration's will to root out real estate speculation amid an ongoing investigation into such alleged activities by employees of the state-run Korea Land and Housing Corporation(LH).

Affirming the eradication of real estate speculation as the priority in the administration's anti-corruption policies, Moon called for a system that would have all public officials register their properties and monitor changes.

The president sought parliamentary cooperation behind a new set of laws to eradicate corruption in the public sector by preventing conflicts of interest.

Earlier in the day, Moon replaced Kim Sang-jo, the chief of staff for policy, with Lee Ho-seung, the senior presidential secretary for economic affairs.

The news came amid controversy that Kim had drastically raised the lump sum jeonse rent agreement on his apartment in Gangnam district by 14 percent last July.

The agreement came just two days before a new law that capped the increase at five percent came into force.

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