South Korean Finance Minister Hong Nam-ki has vowed zero tolerance against state housing officials involved in a land speculation scandal.

In a statement to the nation on Sunday, the minister said that the government will request an investigation and take disciplinary measures against employees of Korea Land and Housing Corporation (LH) if they are found to have engaged in land speculation.

Minister Hong also pledged to establish a system to prevent the recurrence of similar incidents by restricting land transactions by employees of state agencies and organizations in charge of housing and land development.

The minister then reaffirmed that the government will push ahead with its housing supply plan announced in early last month, under which it will supply 830-thousand homes.

The statement comes after the government launched a taskforce to investigate allegations that LH employees used secret information on a residential area development project for land speculation.