Three Months After LH Scandal Exposure... Prime Minister Kim: "Investigation Results to be Announced in Early June"

Prime Minister Kim Boo-kyum is presiding over a meeting of related agencies to inspect the crackdown and investigation status of real estate speculation allegations at the Government Seoul Office Building on the 21st. May 21, 2021. Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Kim Boo-kyum announced on the 21st regarding the public officials' real estate speculation scandal involving employees of Korea Land and Housing Corporation (LH), stating, "In the first week of June, we will thoroughly explain to the public the progress and results of the investigation so far." This comes about three months after the initial exposure by the civic group People's Solidarity for Participatory Democracy in early March.

On the morning of the same day, Prime Minister Kim chaired the 'Real Estate Speculation Allegations Crackdown and Investigation Review Meeting' at the Government Complex Seoul, saying, "We must accelerate investigations and inquiries so that the public can be confident that illegal speculation will definitely be punished," and added, "We will see this through to the end to ensure not even a shred of suspicion remains."

The meeting was convened to review the progress of the investigation and share future plans. Prime Minister Kim emphasized, "When I took office, I promised not to disappoint the public any longer with real estate policies," and stated, "The public's demand is clear: do not tolerate real estate speculation using illegal or loophole methods." He further stressed, "We must restore fairness and justice in the real estate market," and "We need to bring back the very natural hope of the people that if they work hard, they can own a home."

Prime Minister Kim said, "Since March, the government has formed a special investigation headquarters of about 1,650 personnel in cooperation with related agencies at the police, and the prosecution has organized a dedicated investigation team of about 600 members, deploying all possible resources to the investigation," adding, "The Financial Services Commission, Financial Supervisory Service, and National Tax Service are meticulously monitoring illegal loans and tax evasion in the real estate market."

He continued, "The scope of investigation has been expanded not only to speculative acts by public officials but also to all types of illegal real estate activities such as planned real estate schemes and illegal resale of pre-sale rights," and said, "As a result, investigations are underway for about 2,400 people, with 16 arrested and 283 referred to the prosecution."

Prime Minister Kim plans to hold a review meeting in early next month and announce the investigation results.

This content was produced with the assistance of AI translation services.