Moon apologizes for LH land speculation scandal

Mar 17, 2021, 08:22 am

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President Moon Jae-in speaks during a Cabinet meeting at the presidential office Cheong Wa Dae in Seoul on March 16, 2021./ Source: Yonhap News

AsiaToday reporter Lee Jang-won

President Moon Jae-in on Tuesday apologized to the public over property speculation controversy triggered by the state-run Korea Land and Housing Corporation (LH), vowing to eradicate the corruption in the real estate market. Both the ruling and opposition parties agreed to launch a special counsel probe into the issue, declaring a “head-on breakthrough.” It seems they have recognized the gravity of the issue through public anger and disappointment ahead of April’s Seoul and Busan mayoral by-elections. The development of the investigation involving the National Assembly, the government, and public institutions is being watched with keen interest.

“(The speculation scandal) made the hard-working public despondent and disappointed,” Moon said at the start of a weekly Cabinet meeting at Cheong Wa Dae. “I am sorry for causing great concern to the people,” he said. It was the first public apology issued two weeks after the revelation of the case by civic groups.

“I gravely recognize the systematic corruption in the Korean society and approach the matter with heavy responsibility,” the president said. “I will surely eradicate real estate-related corruption that prevails throughout society.” Presidential spokesperson Kang Min-seok said the president’s public apology expresses his willingness and determination to eradicate property speculation.

The main opposition People Power Party (PPP) accepted the ruling Democratic Party’s earlier call for special counsel probe and demanded a parliamentary investigation as well. “We ask for a special counsel probe as well as a parliamentary investigation (into the scandal),” said Rep. Joo Ho-young, floor leader of the PPP, in an emergency press conference. “I will soon propose a bill seeking the independent counsel probe so it can be passed at the March extra parliamentary session,” the floor leader said. The PPP plans to specify land transactions in the third new towns including Siheung and Gwangmyeong in Gyeonggi Province as the target of investigation. It also demanded a thorough investigation of high-ranking public officials and elected positions, including Cheong Wa Dae and members of the National Assembly.

The ruling Democratic Party (DP) welcomed the PPP’s decision. “Any speculative land transactions by public officials must be rooted out,” said acting DP Chairman Rep. Kim Tae-nyeon in a press conference. “We will confirm the scope of investigation through consultations with the main opposition party,” Kim said. “We will actively review the option of a parliamentary probe and discuss it with the main opposition party,” he said.

However, as the land speculation scandal has emerged as a key variable in the upcoming by-elections next month, the implementation of a special counsel probe is expected to be determined according to the situation in the future.

#Moon Jae-in #apology #LH #land speculation #special counsel probe