LAND SPECULATIONS BY GOV’T OFFICIALS

[Anchor Lead]

The ruling party and the government as well as the president have decided to wipe out real estate speculations by possibly having all government employees registering their assets in the future. Also, if a public employee made money from real estate speculations, the ill-gotten gains will be confiscated by enforcing the law retroactively.

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The ruling Democratic Party, the government and Cheong Wa Dae decided to make all public employees register their assets. About 1.5 million government workers will be subject to this rule.

[Soundbite] Chung Sye-kyun(Prime Minister) : "In order to prevent corruption among government officials, all public employees will be mandated to register their assets."

More importantly, public officials in charge of property-related affairs will be banned on principle from newly purchasing real estate in the areas under their oversight. The government also plans to revise the law to enable authorities to confiscate any ill-gotten gains from property speculations. The ruling Democratic Party and the government likened the real estate speculations to pro-Japanese activities during the colonial era.

[Soundbite] Choi In-ho(Democratic Party Senior Spokesperson) : "Such grave violations should be considered as severe as ‘pro-Japanese, anti-Korean’ activities during the colonial era. Real estate speculations by public employees should be dealt as such."

Lawmakers will step up efforts to pass the so-called “conflict of interest” act currently pending at the National Assembly. The Democratic Party called for an immediate opening of a parliamentary session, but the opposition People Power Party maintained that more deliberation is needed.

[Soundbite] Bae June-young(PPP Spokesperson) : "We should seek to solve the problem. The new law may spark other controversies and be used as a means of control and suppression."

This measure is a key topic at Monday’s anti-corruption policy meeting presided by President Moon Jae-in. During the session, the South Korean leader is expected to issue a strong message about eradicating illegal practices in real estate transactions.