S. Korea vows to fix housing policy amid the escalating land speculation scandal

The land speculation scandal in South Korea is intensifying, and for this, South Korea’s Finance Minister Hong Nam Ki issued an apology to the public. The wrongdoing involves the employees in the housing company being operated by the state.

Last weekend, the minister apologized for the scandal and promised to clean up before implementing stricter rules for a zero-tolerance policy. He added that he would make sure the illegally acquired properties would be seized.

The investigation against the government’s housing company’s workers

Minister Hong’s statement came after the state decided to carry out an investigation after it was alleged that more than 10 former and current staff working at the Korea Land & Housing Corp. might have used information from the office to acquire plots of land in two locations near Seoul.

The said lands have been designated for large-scale public development plans. As per The Korea Herald, the two territories are Gwangmyeong and Siheung cities that are both parts of the Gyeonggi Province. Based on the report, the government will probe deeper because it appears that there are other locations that have been purchased through illegal deals.

President Moon Jae In also ordered his own staff and other officials to be investigated because they could have been part of the scheme. With the embarrassing scandal, the president launched the probe to pinpoint the culprits in his administration.

“It is tragic to see such scandalous events unfurl in a public institution where it should be most ‘fair’ and its officials should be strict with themselves as handlers of real estate policies on-site,” Hong said. “We plan to pursue zero-tolerance policies, including a request for investigation and punishments.”

The Finance minister vowed to push for a better housing plan in S. Korea

The Korea Times reported that a list of measures was drawn up after the scandal broke out. To compensate for the officials’ wrongdoings, the finance minister said that the government would boost the capital region's housing supply. They will also implement a housing development plan that will make sure that properties are properly acquired and distributed.

The officials’ code of conduct will also be emphasized to prevent officials from committing illegal activities. Finally, the state will be claiming whatever money the court may get after the forfeiture of the illegal property gains. These will be used for the government's other productive projects that the public will benefit from.