'Land Speculation Suspicion Detected'... 8 Gangwon Officials Including Former Local Government Head Confirmed

Suspected Speculation in Development Areas Using Insider Information
Police to Strictly Investigate Illegal Activities

Archive photo [Yonhap News]

[Asia Economy Reporter Ra Young-cheol] Amid nationwide large-scale police investigations into real estate speculation allegations, signs of real estate speculation using internal information by public officials, including former local government heads, have been detected in Gangwon Province.

The Gangwon Provincial Audit Committee announced on the 7th, "After conducting an in-depth investigation into 85 public officials who acquired land (156 parcels) in development zones such as station areas and hinterland cities within the province, focusing on the acquisition process, usage status, and use of internal information, we confirmed illegal activities by 8 public officials."

They were identified as 1 current provincial government official, 7 current and former Yanggu County Office officials, including 4 current and 4 former officials. In particular, 3 individuals, including a former local government head, are under police investigation for suspected real estate speculation in Hwacheon and Yanggu.

Among them, 2 individuals were found to have falsely owned farmland contrary to their farming plans after purchasing farmland in September 2017 and June 2018, respectively.

The remaining 3 individuals purchased land in development zones in May 2014, June 2016, and April 2017, and were investigated for using farmland for other purposes without permission, contrary to the acquisition purpose.

The Provincial Audit Committee has instructed the relevant city and county offices to take administrative actions and file complaints regarding the illegal activities of the caught public officials, and plans to share related information about the 3 individuals currently under investigation by investigative agencies.

Aseungdam, Chairman of the Provincial Audit Committee, stated, "We thoroughly investigated from provincial government officials to city and county officials and other project-related personnel to leave no suspicion," adding, "We also plan to continue investigating reports received through the Public Official Corruption Anonymous Reporting Center."

Meanwhile, the Gangwon Provincial Police Agency announced on the same day, "We are currently conducting preliminary investigations or investigations into 12 public officials involved in 11 suspected speculation cases within the province, 2 employees of the Korea Land and Housing Corporation (LH), 2 corporations, and 3 civilians."

Among these, 5 cases were from intelligence reports, 4 from the Police Agency Reporting Center, 1 from the Gangwon Police Reporting Center, and 1 from an investigation request.

The police have stated their intention to conduct strict investigations into illegal activities.