Real Estate Seizure and Forfeiture Worth About 24.4 Billion Won
Hong Nam-ki Acting Minister: "Citizens Want Swift Investigation and Forfeiture... Police-Prosecutor Cooperation Essential"
Hong Nam-ki, Acting Prime Minister, is giving an opening remark at the meeting on cooperation for investigation of real estate speculation held at the Government Seoul Office in Jongno-gu, Seoul on the morning of the 19th. Photo by Hyunmin Kim kimhyun81@
[Asia Economy Reporters Kim Hyunjung (Sejong), Lee Gwanju] As investigations into speculation allegations involving employees of Korea Land and Housing Corporation (LH) accelerate, six people have been arrested so far, and real estate worth approximately 24.4 billion KRW has been confiscated and subject to seizure preservation measures. Those arrested include senior officials from Pocheon City, Gyeonggi Province, former senior officials from the Gyeonggi Provincial Government, and LH employees.
Hong Nam-ki, Acting Prime Minister, Deputy Prime Minister for Economic Affairs, and Minister of Strategy and Finance, chaired a real estate speculation investigation cooperation meeting at the Government Seoul Office on the morning of the 19th, stating, "It has been about a month and a half since the investigation began, and now substantial investigative results are emerging." The Special Investigation Headquarters has investigated or inquired into 868 individuals across 198 cases, referred 52 individuals with confirmed charges, and arrested six. The confiscated and seizure-preserved real estate amounts to about 24.4 billion KRW.
The first person arrested by the Special Investigation Headquarters, Mr. A, a Pocheon City official, is suspected of purchasing about 2,600 square meters of land and a one-story prefabricated building near the planned station site of the extension of Subway Line 7 in joint ownership with his wife for 4 billion KRW in September last year, using insider information. The Special Investigation Headquarters believes Mr. A was the head of the practical department responsible for the ‘Okjeong~Pocheon’ metropolitan railway connection project and had prior knowledge of the information. Also arrested were Mr. B, a former senior official of the Gyeonggi Provincial Government, on suspicion of speculation near the planned site of the semiconductor cluster development in Yongin; LH employee Mr. C and acquaintance Mr. D, who purchased 22 plots in Noonsadong, Gwangmyeong, a third-phase new town in Gyeonggi Province; LH employee Mr. E, who bought land near Sambong District in Wanju, Jeonbuk; and Mr. F, an employee of Korea Rural Community Corporation, who purchased land near a river in Gyeongbuk.
Acting Prime Minister Hong urged the police and prosecution for swift investigations, punishments, and active communication with the public. He emphasized, "We are not limiting the scope to the initially raised allegations of public officials’ speculation related to new towns but are nationwide rooting out real estate speculation offenders." He added, "Since the public desires faster progress in investigations and strong punishment for real estate speculators, it is necessary to accelerate efforts." He further requested, "The police and prosecution should frequently and thoroughly explain the investigation status to the public within the limits allowed by law," and added, "To achieve proper results promptly, inter-ministerial cooperation and collaboration between the police and prosecution are essential."
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