Ministry signs MOU with KB Kookmin Bank, HUG to expand victim support
The Ministry of Land, Infrastructure and Transport, KB Kookmin Bank and the Korea Housing Urban Guarantee Corporation (HUG) signed a memorandum of understanding Wednesday to expand support for jeonse fraud victims and prevent future cases.
Under the MOU, the three institutions will jointly cover costs for victims to secure enforceable legal titles — including deposit-return lawsuits and payment orders needed to initiate auction proceedings on affected properties — as well as fees for legal professionals to facilitate auction and public sale procedures.
The partners will also collaborate on public awareness efforts, including producing fraud-prevention content and offering outreach counseling and education sessions.
Speaking at the signing ceremony, Kim Yi-tak, first vice minister of Land, Infrastructure and Transport, said swift recovery for victims requires more than housing and financial support. "A seamless push across various support projects — including legal assistance and auction and public sale support — is essential," he said. "Through this agreement, we will work with the private sector to provide victims with robust support and spare no effort on public outreach and regulatory improvements to prevent jeonse fraud."
smh@heraldcorp.com
