It was only the natural course of events that Deputy Prime Minister for Finance and Economy Lee Hun Jai would resign amid suspicions he once engaged in speculative real estate investment. But that does not mean it is all over.
There still needs to be a substantial investigation so as to get to the precise truth. Lee himself may think he has paid enough of a price by volunteering to resign. He may feel a little wronged. But if the matter is put to a close before the suspicions are adequately put to rest it will all end up being little more than a public venting of anger expressed in his direction. The suspicions should be cleared up, and then if there were illegalities committed he should be made to bear responsibility accordingly. Additionally, there needs to be something in place that would prevent such activity from even having a chance.
In the same context, there needs to be a strict inquiry into suspicions of similar investment activities by other public officials. Suspicions about others do not get covered up just because a deputy prime minister has resigned. Maybe the government even needs to create a separate body this time around to investigate when required, but there needs to be thorough investigation into the allegations about other public officials.
The issue is about a massive speculative investment bubble, in which a massive margin is obtained through real estate transactions. The current legal structure tolerates it, and the fact of the matter is that no small number of people engage in speculative investment in the name of "investment." Talking about morals and ethics will not do the trick. Tax laws need to be strengthened so that unearned income obtained through real estate can be thoroughly collected, and it will be essential that policy aimed at housing cost stabilization is pursued with consistency.
What Lee's case confirms is that the people will not tolerate having a public official suspected of speculative real estate investment. The government will therefore have to revamp its oversight system, to allow for thorough management of public officials' property statements and changes in the status of their assets. Lee's resignation is not the end of the issue. It should be taken as an opportunity to uproot speculative real estate investment among public officials, so as to prevent a second and third "Lee Hun Jai" from happening.
The Hankyoreh, 8 March 2005.
[Translations by Seoul Selection (PMS)]
[Editorial] The 'Lee Hun Jai Affair' Isn't Over |
