SEOUL, June 20 (Korea Bizwire) — Government officials and public employees involved in real estate affairs will be required to register their assets with the authorities, the Ministry of Personnel Management said Sunday.
The ministry last week preannounced the latest revision to the enforcement ordinance of the Public Service Ethics Act. The new rules will take effect on Oct. 2.
The move came as the government is toughening property regulations on public servants in the wake of a land speculation scandal involving employees of Korea Land and Housing Corp. (LH), a state-run housing developer.
Under the revision, officials involved in real estate issues in the central and local governments, pubic institutions and companies affiliated with central and local governments will be obliged to report their assets once a year.
Their reports this year must contain details on their real estate holdings, including acquisition dates, circumstances and sources of income.
Their future acquisition of properties related to their jobs will also be strictly regulated under the new rules, the ministry said.