ED No tolerance on speculation
More lawmakers suspected of illegal property deals
Twelve lawmakers of the main opposition People Power Party (PPP) are suspected of having engaged in illegal real estate transactions, the Anti-Corruption and Civil Rights Commission announced Monday. It also said a lawmaker of the Open Democratic Party, a minor liberal party aligned with the ruling Democratic Party of Korea (DPK), faces similar allegations.
The announcement was based on the commission's probe into opposition lawmakers and their families' property transactions taking place over the past seven years. It came after the state anti-corruption watchdog discovered in June that 12 lawmakers of the DPK were involved in irregular real estate dealings. These findings followed a land speculation scandal involving employees of the state-run Korea Land & Housing Corp. that erupted in March amid soaring housing prices.
The results of the commission's investigations show that opposition lawmakers are no different from the ruling party members. All the legislators suspected of illicit real estate deals are under severe criticism for their greed to make windfalls from property speculation. As long as they seek easy gains by illegal means, the National Assembly cannot push for legislation to root out speculation. The Moon Jae-in government has already invited the public's fury over its failure to bring runaway housing prices under control.
Lawmakers, politicians and bureaucrats should set an example so that they can gain the public's trust. However, their suspected property speculation shatters their integrity and credibility. The Moon administration instructed presidential secretaries and raking government officials not to possess more than one home. But many of them still refuse to sell additional properties in which they do not reside, apparently in pursuit of financial gain.
Both the ruling and opposition parties should take stern action against the lawmakers if they are found to have violated any law in their property transactions. A police-led joint government investigation team should also conduct a thorough probe to shed light on the allegations leveled against the legislators. Yet, many people question if the authorities can get tough with any law-breaking lawmakers.
The governing DPK asked the 12 lawmakers under suspicion to leave the party voluntarily ― a move insufficient to assuage the public's outrage. Then only two lawmakers under the proportional representation system were expelled from the party, but without losing their National Assembly seats. On Tuesday, the opposition PPP decided to expell one legislator and recommended five lawmakers to exit the party on their own. But it took no action against six others who it claimed were cleared of suspicion.
No one can believe that the rival parties have undertaken sufficient action to prevent lawmakers from engaging in any irregular real estate transactions again. Critics are calling into question PPP Chairman Lee Jun-seok's repeated pledge to take harsher action against his party's lawmakers than the DPK's. We urge the government and the political parties to take a zero tolerance approach toward those found to have broken the law on property speculation.