Police Conduct Search and Seizure at LH Headquarters and Employees' Residences Over 'Speculation Allegations' (Update)

Gwacheon Uiwang Business Headquarters and Gwangmyeong Siheung Business Headquarters Included
13 Suspects Banned from Leaving the Country

[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-ju] The police investigating allegations of speculation by employees of Korea Land and Housing Corporation (LH) in new town planned areas have conducted a surprise raid on the LH headquarters.

The Anti-Corruption Economic Crime Investigation Unit of the Gyeonggi Southern Provincial Police Agency deployed 67 investigators from 9:30 a.m. on the 9th to execute search warrants at three locations: the LH headquarters in Jinju, Gyeongnam, the Gwacheon-Uiwang Business Headquarters in the Gyeonggi area, and the Gwangmyeong-Siheung Business Headquarters in the Incheon area, as well as the residences of 13 suspects.

The police plan to secure materials that will clarify the use of internal information through this raid. In addition, the 13 employees suspected of speculation have been subject to travel bans.

A police official stated, "We will conduct the investigation swiftly and strictly in accordance with the law and principles."