Head bowed LH’Sorry for allegations of land speculation… I couldn’t keep my duty as a public official’

LH Holds Emergency Response Meeting and Announces Public Apology

It is decided to carry out a thorough investigation and recurrence prevention measures.

Korea Land and Housing Corporation headquarters. /yunhap news

LH issued an apology in the name of all executives and staff members regarding the suspicion of pre-speculation of the third new city by some employees of the Korea Land and Housing Corporation (LH). Along with this, LH held an emergency response meeting for a thorough investigation and to prepare measures to prevent recurrence.

On the 4th, LH announced on the 4th that it had held an emergency response meeting presided over by CEO Jang Choong-mo as an acting representative in relation to the recent allegations of employee speculation. At the emergency response meeting, the management of LH recognized the seriousness of the issue and issued a public apology with a pledge that there should be no recurrence.

LH expressed its apology to the public, saying, “I apologize with my head down, saying, “I was greatly shocked and disappointed by some of the employees’ allegations of speculation in the Gwangmyeong Siheung District.” “Even though it is a public institution that should give hope to the people who are suffering from the real estate market, we are fully aware of the responsibility for the failure of our employees to keep their duty as public officials.” I will try to establish discipline. He added that we will quickly implement measures to prevent recurrence so as not to cause public resentment again due to allegations of speculation.”

Seedlings were planted in a field in Gwarim-dong, Siheung-si, Gyeonggi-do, where speculation suspicions were raised on the afternoon of the 3rd. /yunhap news

Regarding the recurrence prevention measures, “We will introduce a system for preliminary reporting of land transactions for all employees and their families, and conduct a thorough investigation on whether employees and families of related departments own land when pursuing new projects.” “We will impose intense penalties, such as disadvantages in personnel matters,” he said.

At the meeting that day, LH checked the status of follow-up measures, such as investigation of alleged speculation. On the 2nd, when allegations of speculation were raised, LH took a position-based action on the 13 employees and is conducting self-investigation to determine whether it is illegal. If the investigation results in violation of the law, we plan to take legal measures such as disciplinary action and request for investigation.

Along with this, it plans to conduct a thorough investigation into the land transaction status of employees of related departments for the entire 3rd new town in collaboration with the government, including the Ministry of Land, Infrastructure and Transport. In order to prevent recurrence, a system for prior notification of land transactions by employees and their families was introduced, and when unreported or illegal or unfair land transactions are confirmed through a thorough investigation of whether or not employees and families of related departments own land in the district when pursuing new projects, the intensity of personnel disadvantages, etc. It plans to impose a high penalty.

CEO Jang Choong-mo said, “We will quickly implement measures to prevent recurrence so that the public will not be disappointed with such suspicion again, and we will be reborn as a trusted LH by carrying out unshakable housing stability policies.”


We, Korea Land and Housing Corporation, have been shocked and disappointed to the people due to the speculation of some employees in Siheung District in Gwangmyeong. I bow my head and apologize.

Despite being a public institution that should give hope to people suffering from the unrest in the real estate market, we fully understand our responsibility for the failure of our employees to fulfill their duties as public officials.

In cooperation with the government, we will conduct a thorough investigation of the land transaction status of employees and families of related departments for the entire 3rd new town as quickly as possible, and we will make every effort to find out the facts so that the public does not have any doubts. If violations are found, we will take strict measures in accordance with the laws and regulations.

Taking this situation as an opportunity, we will establish the discipline of public service by innovating the internal organization on a large scale and powerfully. We will promptly implement countermeasures to prevent recurrence so as not to cause public resentment again due to allegations of speculation.

We will introduce a system for pre-reporting land transactions for all employees and their families, and conduct a thorough investigation on whether employees and families of related departments own land when promoting new projects. If unreported or illegal or unfair land transactions are confirmed as a result of the investigation, we will impose high penalties such as disadvantages in personnel matters.

We sincerely apologize once again for causing concern to the people. In the future, we will be reborn as a trusted Korea Land and Housing Corporation by carrying out housing stability policies without shaking.

Employees of Korea Land and Housing Corporation

/ Reporter Jin Dong-young [email protected]

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