'Investigation into Real Estate Speculation Suspicions'... Many 'Local Council Members and LH Executives' Included in Northern Gyeonggi

Investigation Expanded to 43 People Including 7 Public Officials and 5 LH Executives
Regional Planned Real Estate Speculation Under Investigation

[Asia Economy Reporter Ra Young-cheol] In relation to the investigation into real estate speculation allegations triggered by Korea Land and Housing Corporation (LH), it has been confirmed that many local council members and LH executives in northern Gyeonggi Province are included in the investigation targets.

The Special Investigation Unit for Real Estate Speculation Offenders of the Northern Gyeonggi Provincial Police Agency announced on the 23rd, "Seven public officials, including elected officials, and five LH executives are under investigation for speculation and other charges."

According to the police, a total of 18 cases involving 43 people related to real estate speculation are currently under investigation or preliminary inquiry in northern Gyeonggi. Among them, some residents of Seoul are also included.

During the process of investigating existing speculation allegations, reports related to planned real estate (gigaek budongsan) have been continuously received, and recently the investigation has expanded from speculation allegations involving public officials and LH employees to regional planned real estate speculation.

The police are focusing their investigation on whether unfair profits were obtained through methods such as purchasing farmland without farming and then selling it, or splitting shares.

In particular, the application of real estate speculation charges is based on the timing when internal development information was learned on the job, focusing on confirming the timing and actions of land purchases around the announcement of new towns.

In this regard, some planned real estate companies have been subject to search and seizure, and related persons have been summoned for investigation, with additional investigations planned.

The police also plan to investigate if there are reports or tips regarding the 2nd phase new towns such as Paju Unjeong and Yangju Okjeong districts.

Meanwhile, the prosecution extended the detention period on the 16th for Mr. A, a public official in Pocheon City, Gyeonggi Province, who is accused of real estate speculation involving 4 billion won using information acquired on the job.