Seoul: President Lee Jae Myung on Thursday called for tougher penalties against deeply rooted practices of secretly conspiring with industry rivals to collude on prices in commodities, including sugar, flour, school uniforms, and homes. Lee made these remarks at a meeting with senior aides as the government has stepped up measures to curb housing prices.

According to Yonhap News Agency, Lee highlighted that price fixing in these fields is rampant and has been undermining the market's trust and development. He described these practices as a "cancerous force" that hinders fair competition, undermines market trust, and hampers national economic development.

Lee suggested that "permanent expulsion" from the market should be considered for repeat offenders. He emphasized that penalties should include stronger financial measures, such as imposing more severe financial penalties or confiscating ill-gotten gains, rather than relying solely on criminal punishment.

Furthermore, Lee called for efforts to build an "economy for all" to establish a rational and fair social order and overcome the "disastrous" real estate-dominated system that fuels inequality and despair. He expressed his commitment to these efforts as the nation's "foremost servant" and sought cooperation from political leaders.

His remarks reaffirmed his dedication to controlling the overheated real estate market. Lee has consistently urged owners of multiple homes to sell their properties ahead of the planned expiration of heavy capital gains tax exemptions, which are set to expire in May.