South Korea's state-run housing development corporation issued a public apology, following allegations that some of its employees purchased land prior to the announcement of the government's massive development project in the area.

The Korea Land and Housing Corporation(LH) on Thursday vowed to promptly conduct an inspection into land trading by employees of agencies involved in the government's latest urban development plan and their families.

It added that any unlawful act found in the process will be dealt with sternly in accordance with relevant laws and regulations.

LH also pledged to adopt a system that would require employees and families to report their land trading in advance as part of efforts to reform its organization and tighten discipline among officials.

The announcement comes after 15 current and former LH employees were found to have bought land in the two Gyeonggi provincial cities of Gwangmyeong and Siheung, before the government recently announced the development project in the area.