Ministry of Education Executive Under Investigation for Unauthorized Rental Business and Property Investments
By Seungbae Lee, Reporter
An executive from the Ministry of Education is currently under investigation by the Audit and Inspection Board for his involvement in an unauthorized rental business and the acquisition of numerous properties across the country. The executive, identified as Mr. A, was found to have purchased 49 apartments and villas in Seoul, Gyeonggi, and Chuncheon, with a total rental deposit of over 13 billion won.
Mr. A had been engaged in what is known as ‘capital gap investments’ since 2012, whereby he would sign both a sale and lease agreement simultaneously and use the deposit to purchase additional housing. While some of the properties have been caught in the auction process due to the inability to return the deposit, Mr. A has been profiting from this unauthorized rental business.
Investigations have also revealed that out of the six houses involved, the deposit for six houses, amounting to 1.7 billion won, has not been returned to tenants, with some of them having to resort to the auction process to recover their losses. It was discovered that Mr. A’s wife used to run a real estate business, which resulted in bankruptcy, and it was alleged that Mr. A had simply lent his name to her operations. However, it was confirmed that he did not have permission to engage in such activities while holding a position in the Ministry of Education.
The Audit and Inspection Board emphasized that Mr. A’s actions not only violated the regulations of the national civil service but also brought shame upon the government. As a result, the board has notified the Ministry of Education to conduct an internal investigation into Mr. A and take appropriate disciplinary actions according to the relevant regulations.
This scandal raises questions about ethical standards, as a public official engaged in prohibited activities that have undermined the public’s trust. It is crucial for the Ministry of Education to thoroughly investigate this case and ensure that those responsible are held accountable for their actions.
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An executive from the Ministry of Education was caught in an audit by the Audit and Inspection Board for buying dozens of apartments and villas across the country and running a rental business without permission to hold concurrent positions.
The total rental deposit alone is equivalent to 13 billion won, some of which were revealed to be going through the auction process as they cannot return the deposit while trying to block the profits.
This is reporter Seungbae Lee.
The public officer caught in the audit by the Audit and Inspection Board is Mr. A, a manager in the Ministry of Education.
Mr A has been making ‘capital gap investments’ since 2012 until recently.
After signing a sale and lease agreement at the same time, we expanded our housing stock by buying another house with the deposit.
A total of 49 apartments and villas were purchased in this way in Seoul, Gyeonggi, and Chuncheon, Gangwon-do.
Including the jeonse deposit, over 13.6 billion has been won.
I live in a 2.2 billion won leased apartment in Songpa, Seoul.
It was found that, because of this back and forth, six houses were unable to return their deposit.
In terms of amount, it amounts to 1.7 billion won.
Although tenants received their money back by signing up for rent deposit insurance, it was revealed that some were unable to pay the refund and were going through the auction process.
It is known that Mr A explained in an investigation by the Audit and Inspection Board that his wife used to run a real estate business, but he went bankrupt, so he only lent his name to her.
However, it was confirmed that he did not have permission to work at the same time as operating a real estate rental business.
The Scrutiny and Inspection Board noted that he had not only breached the regulations of the national civil service, but that the rent deposit incident had also had a disgraceful effect on my government.
The Audit and Inspection Board notified the Ministry of Education to carry out an internal investigation into Mr A and discipline him in accordance with the relevant regulations.
This is Lee Seung-bae’s YTN.
Video editing: Jeon Joo-young
Graphics: Interior view
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