Prime Minister Chung Sye-kyun apologized to the public for the disappointment and betrayal they likely felt amid allegations that employees at a state housing development corporation engaged in land speculation.

At a Cabinet meeting on Tuesday, Chung said the government, which is exerting all efforts toward eradicating property speculation and stabilizing the housing market, takes to heart the gravity of the latest allegations.

The prime minister pledged to thoroughly investigate every accusation, stressing a zero tolerance policy towards any unlawful act found in the process.

Chung said measures, such as restricting land transactions and redeeming unfair profits, will be introduced to prevent future occurrences.