[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] The police conducted a search and seizure of companies related to Kang Ki-yoon, a member of the People Power Party and representative of Seongsan District, Changwon City, Gyeongnam, in connection with real estate speculation allegations.
This is the first time the police have conducted a search and seizure related to real estate speculation targeting a sitting lawmaker following the investigation into new city speculation allegations involving employees of Korea Land and Housing Corporation (LH).
The Gyeongnam Provincial Police Agency's Special Investigation Unit for Real Estate Speculation Crimes announced on the 23rd that on the 22nd, they searched and seized a manufacturing company formerly led by Representative Kang and a parts company where Kang's wife and son are the largest shareholders.
The parts company, where Kang's wife and son are the largest shareholders, purchased approximately 24,000 pyeong of land at the 2nd pier of Jinhae Port, Gyeongnam, in 2018 for 27 billion won, about half of the appraised value.
They are suspected of having sold part of the land in 2019 and 2020, earning about 3 billion won in capital gains.
The police explained that since related documents were dispersed across the two companies, they conducted searches and seizures of all these companies, and that the actions were not specifically targeted at Representative Kang.
A police official stated, "We have secured loan documents related to the speculation allegations, and further analysis of these materials is necessary," adding, "Details cannot be disclosed as the investigation is ongoing."
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