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Gov't Vows Strengthened Efforts to Root Out Real Estate Speculation

Written: 2021-03-29 18:53:27Updated: 2021-03-29 19:01:03

Gov't Vows Strengthened Efforts to Root Out Real Estate Speculation

Photo : YONHAP News

The government has pledged to significantly intensify its efforts to track those committing real estate speculation and bring them to justice. 

Prime Minister Chung Sye-kyun made the pledge following an anti-corruption policy meeting presided by President Moon Jae-in on Monday, which came amid growing public criticism over a series of allegations of real estate investment irregularities involving public officials. 

Announcing the result of the talks, including measures to prevent, detect and punish illegal land and property speculation, as well as how to retrieve undue profits from such transactions, Chung said the workforce at the joint special investigation headquarters will double to one-thousand-500. 

He said more than 500 prosecutors and their assistants will also be deployed to help the joint state investigation currently led by the police, adding the prosecution will also be allowed to directly and actively investigate cases related to the six serious crimes under its jurisdiction. 

To that end, each of the 43 prosecutors' offices across the nation will create a task force to handle real estate speculation. 

Regarding countermeasures to prevent speculative activity, the prime minister said all public employees will be required to register their wealth. In the case they are found guilty of a crime, they would be required to return to the state up to five times the proceeds they earned.

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