[Asia Economy Reporter Lee Gwan-ju] A member of the Goryeong County Council, identified as A, who is suspected of speculation using undisclosed development information, has been issued a pre-arrest warrant.
On the 26th, Chief Judge Heo Yong-gu of the Daegu District Court Seobu Branch completed the pre-arrest detention hearing (warrant substantive examination) for Councilor A and issued the arrest warrant, stating there is a risk of evidence destruction or flight.
Councilor A's family is suspected of purchasing about 1,000㎡ of land in a housing complex development project site in 2019 for approximately 220 million won and then reselling it.
The police conducted a search and seizure of Councilor A's office and residence on the 17th of last month, securing related materials and accelerating the investigation. After supplementary investigations, the police plan to transfer Councilor A to the prosecution soon.
With Councilor A's arrest, the total number of people detained since the launch of the Government Joint Special Investigation Headquarters (Special Investigation Headquarters) investigating real estate speculation allegations has increased to 10 as of this date.
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