Former National Tax Service Commissioner Kim Hyun-jun has been tapped as the new chief executive officer of the Korea Land & Housing Corp. The position has been vacant since December amid a land speculation scandal involving employees of the state-run company.

While Kim has no direct experience in housing or construction, the appointment is seen as a move by the government to overhaul the state housing developer and help it regain the public’s trust.

Several LH employees are currently under investigation for allegedly misusing insider information on development projects for the purpose of property speculation.

Born in Hwaseong, Gyeonggi Province, Kim majored in business administration at Seoul National University and started his civil service career in 1991 after passing the 35th Civil Service Examination.

He served as the NTS commissioner from June 2019 to August 2020 and is said to have shown strong leadership in property-related tax affairs and in the implementation of the government’s tax reform plans.

Upon taking office as CEO of LH, Kim is expected to initiate a sweeping reform of the state-run company and support the government in developing a system to monitor property transactions by employees. A stable supply of new homes is another task ahead for Kim, as the government is under fire for its “failed” property policies.

Early this year, several LH employees were accused of using insider information to make speculative land purchases. Many observers called the scandal a major blow to the Moon Jae-in administration’s stated fight against property speculation. LH manages the country’s public housing development projects.

The nomination process was completed with Kim’s selection by an internal committee within LH. Next, the finance and land ministries will examine Kim’s suitability before requesting final approval from the president.

By Jo He-rim (herim@heraldcorp.com)