Former Gyeonggi Province Official Arrested on Suspicion of Speculation in Yongin Semiconductor Cluster

Mr. A, who was serving as the head of the Investment Promotion Division in Gyeonggi Province and was charged with speculation for purchasing land outside the planned development site adjacent to the Yongin Semiconductor Cluster under the name of his family company, is attending the pre-arrest suspect hearing (warrant review) held at the Suwon District Court in Yeongtong-gu, Suwon-si, Gyeonggi Province, on the morning of the 8th.
[Photo by Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] A former senior official of Gyeonggi Province Office was arrested on the 8th on charges of purchasing land near the planned semiconductor cluster development site in Yongin, Gyeonggi Province, under family names for speculative purposes.

On the same day, Judge Lee Gi-ri of Suwon District Court, who conducted the pre-arrest detention hearing for suspect A, issued an arrest warrant for A, the former team leader in charge of corporate investment attraction at the Investment Promotion Division of Gyeonggi Province Office, who is accused of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission, stating, "The criminal charges have been substantiated, and there is a risk of evidence destruction."

In October 2018, while serving as the team leader of the Corporate Investment Attraction Team of Gyeonggi Province, A purchased four plots totaling approximately 1,500㎡ in Doksong-ri, Wonsam-myeon, Cheoin-gu, Yongin City, for 500 million KRW through company B, where his wife is the representative.

The site is near the planned semiconductor cluster development area. After the development plan for the project site was disclosed, the market price reportedly rose more than fivefold to over 2.5 billion KRW.