Retired Gwangju Official Suspected of Real Estate Speculation... Gwangju City and Others Raided

Retired District Officials Accused of 'Real Estate Speculation and Bribery'

Simultaneous Operations in Si, Seo-gu, Gwangsan-gu... Suspects' Homes Also Searched

Gwangju police are reviewing documents ahead of a search and seizure at the Seo-gu Office in Gwangju Metropolitan City on the afternoon of the 8th in connection with allegations of real estate speculation.

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Regarding allegations of real estate speculation, the Gwangju Police have conducted raids and seizures on Gwangju Metropolitan City, Seo-gu, and Gwangsan-gu.

Some public officials have expressed a self-deprecating voice, saying that what was bound to happen has finally happened.

At around 1:30 PM on the 8th, police officers suddenly arrived at Seo-gu, Gwangju Metropolitan City, creating a moment of tension.

They reviewed documents in the Accounting Information Division and then proceeded with verification work in the responsible departments.

A public official in Seo-gu stated, “I believe that the real estate speculation using internal information by high-ranking public officials has finally come to light,” adding, “A more extensive investigation is needed to eradicate such practices.”

This raid and seizure were carried out by the Anti-Corruption Economic Crime Investigation Unit of the Gwangju Police Agency after confirming signs of real estate speculation by a retired senior official A from a local autonomous district in the Gwangju area. A is suspected of real estate speculation and bribery under the Anti-Corruption Act.

A is reported to be suspected of engaging in speculation by purchasing land in the Seo-gu area.

In this process, an ordinary citizen B is also under investigation for additional bribery charges.

Regarding real estate speculation, raids and seizures were conducted on Gwangju City and Gwangsan-gu, and regarding bribery, on Seo-gu.

Earlier, the police also completed raids and seizures at the suspects’ residences in the morning of the same day.

A Gwangju police official said, “We will closely examine the real estate speculation allegations based on the secured materials.”