Suspicion of Delivery Corruption Following Land Speculation... Police Raid LH Headquarters and Suspects' Residences (Comprehensive)

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[Asia Economy Reporter Jeong Dong-hoon] The police have launched a forced investigation not only into the real estate speculation allegations involving employees of Korea Land and Housing Corporation (LH) but also into procurement corruption.

The Anti-Corruption and Public Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that from around 10 a.m. on the 8th, they are conducting search and seizure operations at six locations, including the LH headquarters, the residences of three suspects, and procurement companies, on charges of favoring certain companies in supplying construction materials during apartment construction. This is the first time the Seoul Metropolitan Police Agency has taken up the investigation of related allegations, separate from the government joint special investigation headquarters (Joint Investigation Headquarters) that is investigating real estate speculation allegations involving current and former LH employees.

The police reportedly began the investigation after discovering new suspicious points while collecting intelligence related to real estate speculation allegations. The search and seizure operations are being conducted not only in Jinju, where the LH headquarters is located, but also in areas around Hwaseong, Yongin, and Namyangju in Gyeonggi Province.

The police are also reportedly expanding the investigation, as there are suspicions of bribery involving LH executives during the procurement corruption process.